https://www.taxtmi.com/caselaws?id=65764 The Tribunal ruled in favor of the assessee, canceling the penalty imposed by the IAC under section 271(1)(c) of the IT Act, 1961. The Tribunal held that the IAC lacked jurisdiction to levy the penalty due to the deletion of section 274(2) of the Act. Additionally, as the department failed to provide sufficient evidence of deliberate concealment, the penalty was deemed invalid. Consequently, the appeal by the assessee was allowed, and the penalty of Rs. 75,000 was canceled for the assessment year 1974-75. en-us Fri, 06 Jun 1980 00:00:00 +0530 Fri, 18 Feb 2011 16:24:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65764 The Tribunal ruled in favor of the assessee, canceling the penalty imposed by the IAC under section 271(1)(c) of the IT Act, 1961. The Tribunal held that the IAC lacked jurisdiction to levy the penalty due to the deletion of section 274(2) of the Act. Additionally, as the department failed to provide sufficient evidence of deliberate concealment, the penalty was deemed invalid. Consequently, the appeal by the assessee was allowed, and the penalty of Rs. 75,000 was canceled for the assessment year 1974-75. Case-Laws Income Tax Fri, 06 Jun 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65764