https://www.taxtmi.com/caselaws?id=70534 The ITAT Madras-D upheld the AAC's decision to cancel the penalty imposed by the ITO for concealment of income in the assessment year 1972-73. The tribunal found that the Explanation to section 271(1)(c) of the IT Act was not applicable due to lack of evidence of fraud or wilful neglect by the assessee. Emphasizing the need for additional evidence in penalty proceedings separate from assessment, the departmental appeal was dismissed. en-us Wed, 14 Feb 1979 00:00:00 +0530 Sat, 16 Apr 2011 16:15:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70534 The ITAT Madras-D upheld the AAC's decision to cancel the penalty imposed by the ITO for concealment of income in the assessment year 1972-73. The tribunal found that the Explanation to section 271(1)(c) of the IT Act was not applicable due to lack of evidence of fraud or wilful neglect by the assessee. Emphasizing the need for additional evidence in penalty proceedings separate from assessment, the departmental appeal was dismissed. Case-Laws Income Tax Wed, 14 Feb 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70534