https://www.taxtmi.com/caselaws?id=62031 The penalty of Rs. 2,50,000 levied under Section 271(1)(c) of the Income-tax Act, 1961, was canceled as the explanation provided by the assessee was deemed bona fide, and there was no concealment of income. The appellate authorities upheld the addition on different grounds, leading to the penalty being deemed unwarranted. The case was referred back to the original Bench for further proceedings based on the majority opinion. en-us Tue, 22 Jan 1991 00:00:00 +0530 Mon, 17 Jan 2011 17:32:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62031 The penalty of Rs. 2,50,000 levied under Section 271(1)(c) of the Income-tax Act, 1961, was canceled as the explanation provided by the assessee was deemed bona fide, and there was no concealment of income. The appellate authorities upheld the addition on different grounds, leading to the penalty being deemed unwarranted. The case was referred back to the original Bench for further proceedings based on the majority opinion. Case-Laws Income Tax Tue, 22 Jan 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62031