https://www.taxtmi.com/caselaws?id=66899 The Tribunal upheld the CIT(A)'s decision to cancel the penalty of Rs. 5,00,000 imposed under section 271(1)(c) for the assessment year 90-91. It was ruled that penalty cannot be levied in the absence of positive income, emphasizing the importance of proper assessment and the burden of proof on the Assessing Officer for concealment of income. The Tribunal also clarified the distinction between assessment and penalty proceedings, highlighting the necessity for the Assessing Officer to consider all evidence provided by the assessee. The decision was based on judicial propriety and the binding nature of Tribunal decisions unless overturned by higher authorities. en-us Thu, 27 Aug 1998 00:00:00 +0530 Tue, 08 Mar 2011 10:43:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66899 The Tribunal upheld the CIT(A)'s decision to cancel the penalty of Rs. 5,00,000 imposed under section 271(1)(c) for the assessment year 90-91. It was ruled that penalty cannot be levied in the absence of positive income, emphasizing the importance of proper assessment and the burden of proof on the Assessing Officer for concealment of income. The Tribunal also clarified the distinction between assessment and penalty proceedings, highlighting the necessity for the Assessing Officer to consider all evidence provided by the assessee. The decision was based on judicial propriety and the binding nature of Tribunal decisions unless overturned by higher authorities. Case-Laws Income Tax Thu, 27 Aug 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66899