High Court Supports Tribunal: No Substantial Question of Law in Penalty Deletion u/s 271(1)(c) for Inaccurate Income Reporting.

Penalty u/s. 271(1)(c) - advances shown as purchases - furnishing inaccurate particulars of income - On taking note of the factual position, the CIT(A) exercised its discretion and granted relief to the assessee. The factual situation was examined by the Tribunal and it came to a conclusion that the CIT(A) was right in deleting the penalty. - No substantial question of law - HC .....

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