https://www.taxtmi.com/caselaws?id=770427 The ITAT Kolkata held that penalty under section 271(1)(c) was not imposable where the returned income in response to notice under section 148 matched the assessed income. The assessee received surrender value from an annuity plan without claiming prior deductions under section 80CCC(1), making only accrued interest/bonus taxable under section 80CCC(2). Since no proper show cause notice was issued specifying concealment or inaccurate particulars, and the penalty order lacked details of default or proposed penalty amount, the entire penalty was deleted on principles of natural justice. Appeal decided in favor of assessee. en-us Wed, 07 May 2025 00:00:00 +0530 Sat, 10 May 2025 08:36:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=770427 The ITAT Kolkata held that penalty under section 271(1)(c) was not imposable where the returned income in response to notice under section 148 matched the assessed income. The assessee received surrender value from an annuity plan without claiming prior deductions under section 80CCC(1), making only accrued interest/bonus taxable under section 80CCC(2). Since no proper show cause notice was issued specifying concealment or inaccurate particulars, and the penalty order lacked details of default or proposed penalty amount, the entire penalty was deleted on principles of natural justice. Appeal decided in favor of assessee. Case-Laws Income Tax Wed, 07 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=770427