Appellate Tribunal Dismisses Revenue Appeals, Upholds Assessee's Explanations on Income Tax Penalties, No Violations Found.

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....Levy of penalties under various sections - The Appellate Tribunal, in a consolidated order, addressed several appeals concerning penalties imposed under various sections of the Income Tax Act. The Revenue's appeals were dismissed concerning penalties u/ss 271(1)(c) and 271D, as the Tribunal found no concealment or furnishing of inaccurate particulars and lacked justification for penalties imposed. The Assessee's appeals were allowed concerning penalties under Sections 271D and 271E, as explanations provided were accepted by the Tribunal, indicating no violations.....