https://www.taxtmi.com/caselaws?id=118452 The Tribunal upheld the CIT(A)'s decision to cancel the penalty of Rs. 1,05,566 imposed under section 271(1)(c) of the Income-tax Act, 1961. The Tribunal emphasized that the mere fact of sustaining additions does not automatically warrant the imposition of a penalty for concealment of income. As there was no evidence of mala fide intent or fraudulent behavior by the assessee, the penalty was deemed unjustified. Consequently, the appeal by the revenue was dismissed, and the penalty was deleted. en-us Fri, 03 Mar 2006 00:00:00 +0530 Sat, 30 Jun 2012 17:01:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=118452 The Tribunal upheld the CIT(A)'s decision to cancel the penalty of Rs. 1,05,566 imposed under section 271(1)(c) of the Income-tax Act, 1961. The Tribunal emphasized that the mere fact of sustaining additions does not automatically warrant the imposition of a penalty for concealment of income. As there was no evidence of mala fide intent or fraudulent behavior by the assessee, the penalty was deemed unjustified. Consequently, the appeal by the revenue was dismissed, and the penalty was deleted. Case-Laws Income Tax Fri, 03 Mar 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=118452