https://www.taxtmi.com/caselaws?id=767078 The Court allowed the Assessee's appeal against the penalty imposed under Section 271(1)(c) of the Income-tax Act, 1961. It held that the penalty was unsustainable because the Assessing Officer initially initiated proceedings for 'concealment of particulars of income' but ultimately levied the penalty for 'furnishing inaccurate particulars of income.' The Court emphasized that any significant change in the basis for penalty imposition renders it unsustainable. Citing precedents, the Court concluded that the penalty must align with the original satisfaction of the Assessing Officer, which was not maintained in this case. en-us Fri, 07 Mar 2025 00:00:00 +0530 Mon, 10 Mar 2025 08:42:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=767078 The Court allowed the Assessee's appeal against the penalty imposed under Section 271(1)(c) of the Income-tax Act, 1961. It held that the penalty was unsustainable because the Assessing Officer initially initiated proceedings for 'concealment of particulars of income' but ultimately levied the penalty for 'furnishing inaccurate particulars of income.' The Court emphasized that any significant change in the basis for penalty imposition renders it unsustainable. Citing precedents, the Court concluded that the penalty must align with the original satisfaction of the Assessing Officer, which was not maintained in this case. Case-Laws Income Tax Fri, 07 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=767078