Appellate Tribunal upholds cancellation of penalty under IT Act for concealment, assessment year 2005-06 The Appellate Tribunal ITAT DELHI affirmed the CIT (A)'s decision to cancel the penalty under section 271(1)(c) of the IT Act for the assessment year ...
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Appellate Tribunal upholds cancellation of penalty under IT Act for concealment, assessment year 2005-06
The Appellate Tribunal ITAT DELHI affirmed the CIT (A)'s decision to cancel the penalty under section 271(1)(c) of the IT Act for the assessment year 2005-06. The concealment penalty imposed on the assessee was deleted based on the Tribunal's earlier annulment of the addition related to a property in Delhi. The Tribunal upheld the CIT (A)'s order, dismissing the revenue's appeal against the cancellation of the penalty. The judgment was pronounced on 23.03.2012.
Issues involved: Appeal against cancellation of penalty u/s 271(1)(c) of the IT Act for assessment year 2005-06.
The Appellate Tribunal ITAT DELHI, in the case concerning the cancellation of penalty u/s 271(1)(c) of the IT Act, noted that the concealment penalty was imposed on the assessee due to an addition of Rs. 55 lac related to a property in Delhi. However, the penalty was deleted by the CIT (A) based on the Tribunal's order that had previously annulled the said addition. The Tribunal found no fault with the CIT (A)'s decision to cancel the penalty, considering the deletion of the addition by the Tribunal in earlier proceedings. Consequently, the appeal filed by the revenue was dismissed, affirming the CIT (A)'s order. The judgment was pronounced on 23.03.2012.
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