https://www.taxtmi.com/caselaws?id=63017 The appellate tribunal canceled the penalty imposed on the assessee under section 271(1)(iii) of the Income-tax Act, 1961, based on lack of evidence for income concealment and improved business performance. The tribunal also rejected the application of section 271(2) for penalty on registered firms, ultimately canceling the penalty. The revenue's argument for penalty imposition based on undisclosed income was dismissed, with the tribunal emphasizing the lack of evidence to support the penalty. The tribunal concluded that there was no case for concealment or furnishing inaccurate particulars, leading to the cancellation of the penalty. en-us Wed, 21 Oct 1987 00:00:00 +0530 Thu, 27 Jan 2011 12:58:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63017 The appellate tribunal canceled the penalty imposed on the assessee under section 271(1)(iii) of the Income-tax Act, 1961, based on lack of evidence for income concealment and improved business performance. The tribunal also rejected the application of section 271(2) for penalty on registered firms, ultimately canceling the penalty. The revenue's argument for penalty imposition based on undisclosed income was dismissed, with the tribunal emphasizing the lack of evidence to support the penalty. The tribunal concluded that there was no case for concealment or furnishing inaccurate particulars, leading to the cancellation of the penalty. Case-Laws Income Tax Wed, 21 Oct 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63017