https://www.taxtmi.com/caselaws?id=67165 The ITAT Indore upheld the CIT(A)'s decision to cancel the penalty of Rs. 4,95,537 imposed under section 271(1)(c) for concealment of income by the AO for the assessment year 1988-89. The ITAT concluded that the penalty was not justified due to the absence of concealed income, discrepancies in the assessment order, and lack of prima facie evidence of concealment. The Revenue's appeal was dismissed, affirming the cancellation of the penalty based on detailed factual and legal analysis presented during the proceedings. en-us Tue, 28 Jul 1998 00:00:00 +0530 Wed, 09 Mar 2011 13:10:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67165 The ITAT Indore upheld the CIT(A)'s decision to cancel the penalty of Rs. 4,95,537 imposed under section 271(1)(c) for concealment of income by the AO for the assessment year 1988-89. The ITAT concluded that the penalty was not justified due to the absence of concealed income, discrepancies in the assessment order, and lack of prima facie evidence of concealment. The Revenue's appeal was dismissed, affirming the cancellation of the penalty based on detailed factual and legal analysis presented during the proceedings. Case-Laws Income Tax Tue, 28 Jul 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67165