https://www.taxtmi.com/caselaws?id=58774 The Revenue's appeals against the cancellation of penalties under section 271(1)(c) of the IT Act for the assessment years 1980-81 to 1982-83 were dismissed. The Tribunal upheld the cancellation of penalties, ruling that there was no concealment or inaccurate particulars in the filed returns, making the penalty imposition unjustified. The Tribunal emphasized that penalties were agreed upon for a different assessment year, not the years in question, as per the settlement document. Therefore, penalties under section 271(1)(c) were deemed inapplicable in this case. en-us Mon, 16 Jun 1986 00:00:00 +0530 Wed, 22 Dec 2010 11:25:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58774 The Revenue's appeals against the cancellation of penalties under section 271(1)(c) of the IT Act for the assessment years 1980-81 to 1982-83 were dismissed. The Tribunal upheld the cancellation of penalties, ruling that there was no concealment or inaccurate particulars in the filed returns, making the penalty imposition unjustified. The Tribunal emphasized that penalties were agreed upon for a different assessment year, not the years in question, as per the settlement document. Therefore, penalties under section 271(1)(c) were deemed inapplicable in this case. Case-Laws Income Tax Mon, 16 Jun 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58774