Notice for penalty u/s 274  of Income Tax Act proceedings is initiated against inaccurate particulars of income not for Concealment of Income: ITAT deletes Penalty 9 [ Read Order]

By Aparna. M - On November 6, 2023 12:48 pm - 2 mins read
Notice- penalty - Income Tax Act proceedings - inaccurate - income - Concealment - Income-ITAT - Penalty-TAXSCAN

The Income Tax Appellate Tribunal (ITAT) Pune bench held that notice for penalty under Section 274 of the Income Tax Act, 1961 proceedings is initiated against inaccurate particulars of income not for the concealment of the income .Therefore the bench deleted the penalty imposed under section  271(1)(c)  Income Tax Act, 1961. Shivaji Dattatray Sonawane, the…

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