https://www.taxtmi.com/caselaws?id=55960 The Tribunal held that the penalty under Section 271(1)(c) for furnishing inaccurate particulars of income was not justified when the ultimate assessed figure resulted in a loss. Citing various judgments, including those from the Punjab & Haryana High Court and the Delhi High Court, the Tribunal concluded that no penalty could be levied in such circumstances. Consequently, the penalty imposed was canceled, and the appeal was allowed. en-us Tue, 09 Feb 1993 00:00:00 +0530 Tue, 30 Nov 2010 18:07:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55960 The Tribunal held that the penalty under Section 271(1)(c) for furnishing inaccurate particulars of income was not justified when the ultimate assessed figure resulted in a loss. Citing various judgments, including those from the Punjab & Haryana High Court and the Delhi High Court, the Tribunal concluded that no penalty could be levied in such circumstances. Consequently, the penalty imposed was canceled, and the appeal was allowed. Case-Laws Income Tax Tue, 09 Feb 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55960