https://www.taxtmi.com/caselaws?id=57672 The Income-tax Appellate Tribunal (ITAT) ruled in favor of the assessee in a case challenging a penalty imposed under section 271(1)(c) of the IT Act, 1961. The ITAT determined that the Income-tax Appellate Commissioner (IAC) lacked jurisdiction to levy the penalty based on the timing of the reference and the application of penalty provisions. The ITAT found that the Department failed to prove concealment of income or furnishing inaccurate particulars, concluding that the penalty was unwarranted. As a result, the ITAT canceled the penalty, allowing the appeal in favor of the assessee. en-us Mon, 09 Oct 1978 00:00:00 +0530 Sat, 11 Dec 2010 14:45:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=57672 The Income-tax Appellate Tribunal (ITAT) ruled in favor of the assessee in a case challenging a penalty imposed under section 271(1)(c) of the IT Act, 1961. The ITAT determined that the Income-tax Appellate Commissioner (IAC) lacked jurisdiction to levy the penalty based on the timing of the reference and the application of penalty provisions. The ITAT found that the Department failed to prove concealment of income or furnishing inaccurate particulars, concluding that the penalty was unwarranted. As a result, the ITAT canceled the penalty, allowing the appeal in favor of the assessee. Case-Laws Income Tax Mon, 09 Oct 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=57672