https://www.taxtmi.com/caselaws?id=68444 The Tribunal overturned the penalty of Rs. 20,000 imposed under section 271(1)(c) for alleged concealment of income based on a bogus purchase of bitumen. The Tribunal emphasized the necessity of proving conscious concealment for penalty imposition, highlighting that lack of evidence linking the disputed amount to concealed income led to the cancellation of the penalty. The decision underscored that additions in quantum proceedings do not automatically indicate concealment, especially when based on estimates due to lack of supplier evidence rather than intentional concealment. en-us Fri, 13 Oct 2000 00:00:00 +0530 Wed, 30 Mar 2011 10:00:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=68444 The Tribunal overturned the penalty of Rs. 20,000 imposed under section 271(1)(c) for alleged concealment of income based on a bogus purchase of bitumen. The Tribunal emphasized the necessity of proving conscious concealment for penalty imposition, highlighting that lack of evidence linking the disputed amount to concealed income led to the cancellation of the penalty. The decision underscored that additions in quantum proceedings do not automatically indicate concealment, especially when based on estimates due to lack of supplier evidence rather than intentional concealment. Case-Laws Income Tax Fri, 13 Oct 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=68444