https://www.taxtmi.com/caselaws?id=121888 The Tribunal upheld the decision to cancel penalties under Section 271(1)(c) of the Income-tax Act, finding that the Assessing Officer failed to prove deliberate concealment of income by the assessees. The Tribunal emphasized the importance of clear evidence of intentional concealment or furnishing inaccurate particulars to justify such penalties. In various instances, including the assessment of forfeited security deposit and net sale proceeds, the Tribunal found the issues arguable and not warranting penalties for concealment. en-us Thu, 14 Aug 2008 00:00:00 +0530 Mon, 06 Aug 2012 18:48:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=121888 The Tribunal upheld the decision to cancel penalties under Section 271(1)(c) of the Income-tax Act, finding that the Assessing Officer failed to prove deliberate concealment of income by the assessees. The Tribunal emphasized the importance of clear evidence of intentional concealment or furnishing inaccurate particulars to justify such penalties. In various instances, including the assessment of forfeited security deposit and net sale proceeds, the Tribunal found the issues arguable and not warranting penalties for concealment. Case-Laws Income Tax Thu, 14 Aug 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=121888