https://www.taxtmi.com/caselaws?id=68046 The Tribunal concluded that no penalty under Section 271(1)(c) of the IT Act was justified due to insufficient evidence of concealment of income. The penalty was canceled, and the appeal against it was allowed. The Tribunal also found that even if a penalty were warranted, it should not exceed the minimum prescribed rate of 100% in the absence of aggravating factors. The appeal on the quantum of penalty was dismissed as irrelevant without a valid penalty imposition. en-us Wed, 22 Apr 1992 00:00:00 +0530 Wed, 16 Mar 2011 16:14:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=68046 The Tribunal concluded that no penalty under Section 271(1)(c) of the IT Act was justified due to insufficient evidence of concealment of income. The penalty was canceled, and the appeal against it was allowed. The Tribunal also found that even if a penalty were warranted, it should not exceed the minimum prescribed rate of 100% in the absence of aggravating factors. The appeal on the quantum of penalty was dismissed as irrelevant without a valid penalty imposition. Case-Laws Income Tax Wed, 22 Apr 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=68046