https://www.taxtmi.com/caselaws?id=61876 The Tribunal dismissed the revenue's appeals and upheld the CIT (Appeals) orders canceling penalties under sections 271(1)(c) and 271(1)(a) for the assessment years 1980-81, 1981-82, and 1982-83. It was found that the penalties were not justified as there was no deliberate concealment of income by the assessee. Additionally, the reassessment proceedings based on a survey report were deemed invalid, and the penalties imposed were barred by limitation under section 275 of the Income-tax Act. The Tribunal concluded that the assessee was eligible for the benefits of the amnesty scheme. en-us Sun, 20 Jan 1985 00:00:00 +0530 Sat, 15 Jan 2011 17:39:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61876 The Tribunal dismissed the revenue's appeals and upheld the CIT (Appeals) orders canceling penalties under sections 271(1)(c) and 271(1)(a) for the assessment years 1980-81, 1981-82, and 1982-83. It was found that the penalties were not justified as there was no deliberate concealment of income by the assessee. Additionally, the reassessment proceedings based on a survey report were deemed invalid, and the penalties imposed were barred by limitation under section 275 of the Income-tax Act. The Tribunal concluded that the assessee was eligible for the benefits of the amnesty scheme. Case-Laws Income Tax Sun, 20 Jan 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61876