https://www.taxtmi.com/caselaws?id=763588 The appellate tribunal allowed the appeal of the assessee, overturning the penalty imposed under Section 271(1)(c) for stock difference, sundry creditors, and non-deduction of TDS. The tribunal found that the penalty was unjustified as the notice did not specify the basis for the penalty, and there was no evidence of inaccurate particulars or concealment of income. The assessee had accurately disclosed the relevant details, and the stock difference was adequately explained. The decision criticized both the Assessing Officer and CIT(A) for imposing the penalty without sufficient grounds. en-us Thu, 19 Dec 2024 00:00:00 +0530 Sat, 21 Dec 2024 11:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763588 The appellate tribunal allowed the appeal of the assessee, overturning the penalty imposed under Section 271(1)(c) for stock difference, sundry creditors, and non-deduction of TDS. The tribunal found that the penalty was unjustified as the notice did not specify the basis for the penalty, and there was no evidence of inaccurate particulars or concealment of income. The assessee had accurately disclosed the relevant details, and the stock difference was adequately explained. The decision criticized both the Assessing Officer and CIT(A) for imposing the penalty without sufficient grounds. Case-Laws Income Tax Thu, 19 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763588