https://www.taxtmi.com/caselaws?id=70930 The Appellate Tribunal ITAT Nagpur allowed the appeal of the assessee in a case involving a penalty imposed under section 271(1)(c) for concealing income. The Tribunal held that since the income was declared in the return and accepted by the Assessing Officer, it could not be deemed concealed. The penalty of Rs. 15,65,000 was set aside, with directions for cancellation by the Assessing Officer. en-us Tue, 09 Oct 2007 00:00:00 +0530 Tue, 07 Aug 2012 18:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70930 The Appellate Tribunal ITAT Nagpur allowed the appeal of the assessee in a case involving a penalty imposed under section 271(1)(c) for concealing income. The Tribunal held that since the income was declared in the return and accepted by the Assessing Officer, it could not be deemed concealed. The penalty of Rs. 15,65,000 was set aside, with directions for cancellation by the Assessing Officer. Case-Laws Income Tax Tue, 09 Oct 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70930