https://www.taxtmi.com/caselaws?id=773575 The Appellate Tribunal set aside the penalty of Rs. 3,44,463/- imposed under section 271(1)(c) of the Income Tax Act, 1961. The Tribunal found the penalty proceedings invalid due to multiple procedural defects: the AO failed to record satisfaction for initiating penalty proceedings, the penalty notice was vague and did not specify the precise charge, and the addition of Rs. 16,72,154/- on capital gains was consequent to prior appellate orders rather than concealment by the assessee. The Tribunal held that mere non-filing of appeal based on legal interpretation does not constitute furnishing inaccurate particulars warranting penalty, emphasizing the absence of mala fide intent. en-us Fri, 25 Apr 2025 00:00:00 +0530 Wed, 25 Jun 2025 09:23:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=773575 The Appellate Tribunal set aside the penalty of Rs. 3,44,463/- imposed under section 271(1)(c) of the Income Tax Act, 1961. The Tribunal found the penalty proceedings invalid due to multiple procedural defects: the AO failed to record satisfaction for initiating penalty proceedings, the penalty notice was vague and did not specify the precise charge, and the addition of Rs. 16,72,154/- on capital gains was consequent to prior appellate orders rather than concealment by the assessee. The Tribunal held that mere non-filing of appeal based on legal interpretation does not constitute furnishing inaccurate particulars warranting penalty, emphasizing the absence of mala fide intent. Case-Laws Income Tax Fri, 25 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=773575