https://www.taxtmi.com/caselaws?id=61173 The Tribunal canceled the penalty imposed on the individual assessee for concealment of income and furnishing inaccurate particulars under section 271(1)(c) of the IT Act. Despite the assessing officer and AAC upholding the penalty, the Tribunal found the assessee's explanation plausible, considering the history of declared and assessed income variations. The Tribunal noted flaws in the initiation of penalty proceedings and determined that the explanations provided were sufficient to absolve the assessee from the penalty. The Commissioner's request for High Court reference was dismissed, affirming the cancellation of the penalty based on factual findings and lack of justification under the IT Act. en-us Mon, 08 Mar 1982 00:00:00 +0530 Tue, 11 Jan 2011 12:00:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61173 The Tribunal canceled the penalty imposed on the individual assessee for concealment of income and furnishing inaccurate particulars under section 271(1)(c) of the IT Act. Despite the assessing officer and AAC upholding the penalty, the Tribunal found the assessee's explanation plausible, considering the history of declared and assessed income variations. The Tribunal noted flaws in the initiation of penalty proceedings and determined that the explanations provided were sufficient to absolve the assessee from the penalty. The Commissioner's request for High Court reference was dismissed, affirming the cancellation of the penalty based on factual findings and lack of justification under the IT Act. Case-Laws Income Tax Mon, 08 Mar 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61173