No Section 271(1)(c) Penalty as Assessee Fully Disclosed Relevant Details

PCIT Vs Chetan Kumar Tekriwal (HUF) (Calcutta High Court) In the case of PCIT vs. Chetan Kumar Tekriwal (HUF), the Calcutta High Court reviewed an appeal filed by the revenue challenging a Tribunal order from November 30, 2023, regarding the assessment year 2015-16. The issue was whether the Assessing Officer was correct in imposing a penalty under Section 271(1)(c) of the Income Tax Act. The court found that the Assessing Officer did not establish that the assessee’s claims were false during either the assessment or penalty proceedings. The Tribunal had earlier ruled, citing the Supreme...