https://www.taxtmi.com/caselaws?id=121222 The Tribunal upheld the CIT(A)'s decision to delete the penalty under section 271(1)(c) of the Income-tax Act, 1961. It emphasized the need for a deliberate attempt to conceal income and highlighted that the presumption of concealment under Explanation 1 is rebuttable. The Tribunal ruled that the penalty was not justified based on the facts of the case and legal interpretations, dismissing the revenue's appeal and deleting the penalty of Rs. 4,00,000 imposed on the assessee company. en-us Thu, 17 Sep 2009 00:00:00 +0530 Fri, 27 Jul 2012 15:37:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=121222 The Tribunal upheld the CIT(A)'s decision to delete the penalty under section 271(1)(c) of the Income-tax Act, 1961. It emphasized the need for a deliberate attempt to conceal income and highlighted that the presumption of concealment under Explanation 1 is rebuttable. The Tribunal ruled that the penalty was not justified based on the facts of the case and legal interpretations, dismissing the revenue's appeal and deleting the penalty of Rs. 4,00,000 imposed on the assessee company. Case-Laws Income Tax Thu, 17 Sep 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=121222