https://www.taxtmi.com/caselaws?id=65553 The Tribunal upheld the CIT(A)'s decision to delete the penalty imposed under section 271(1)(c) for the addition of unexplained sundry creditors. The Revenue's appeal was dismissed, as the Tribunal found that the Revenue failed to demonstrate that the Rs. 10 lakhs added represented concealed income. The Tribunal noted the lack of supporting material and previous instances of similar surrenders without penalties, leading to the deletion of the penalty. en-us Fri, 18 Dec 2009 00:00:00 +0530 Sat, 21 May 2016 17:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65553 The Tribunal upheld the CIT(A)'s decision to delete the penalty imposed under section 271(1)(c) for the addition of unexplained sundry creditors. The Revenue's appeal was dismissed, as the Tribunal found that the Revenue failed to demonstrate that the Rs. 10 lakhs added represented concealed income. The Tribunal noted the lack of supporting material and previous instances of similar surrenders without penalties, leading to the deletion of the penalty. Case-Laws Income Tax Fri, 18 Dec 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65553