https://www.taxtmi.com/caselaws?id=775844 The ITAT Delhi deleted the penalty under section 271(1)(c) imposed on the assessee for alleged concealment and furnishing inaccurate particulars of income. The assessee's claim that the amount received was under the "owelty" principle, not taxable income, was rejected in quantum proceedings but did not justify penalty imposition. The tribunal relied on the Supreme Court precedent that not every addition or disallowance warrants penalty. Consequently, the penalty was set aside and the assessee's appeal allowed. en-us Wed, 04 Jun 2025 00:00:00 +0530 Thu, 31 Jul 2025 13:15:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=775844 The ITAT Delhi deleted the penalty under section 271(1)(c) imposed on the assessee for alleged concealment and furnishing inaccurate particulars of income. The assessee's claim that the amount received was under the "owelty" principle, not taxable income, was rejected in quantum proceedings but did not justify penalty imposition. The tribunal relied on the Supreme Court precedent that not every addition or disallowance warrants penalty. Consequently, the penalty was set aside and the assessee's appeal allowed. Case-Laws Income Tax Wed, 04 Jun 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=775844