https://www.taxtmi.com/caselaws?id=150349 The Tribunal upheld the Commissioner of Income-tax (Appeals)'s decision to delete the penalty of Rs. 50 lakhs imposed under section 271(1)(c), finding no evidence of deliberate income concealment. Disallowances of various expenses were overturned as based on estimates and legal interpretations, not tax evasion attempts. The Tribunal dismissed the Revenue's appeal, emphasizing the distinction between assessment and penalty proceedings, requiring proof of concealment. Another appeal on the same penalty for the same year was deemed infructuous. en-us Thu, 31 Dec 2009 00:00:00 +0530 Thu, 17 Oct 2013 16:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=150349 The Tribunal upheld the Commissioner of Income-tax (Appeals)'s decision to delete the penalty of Rs. 50 lakhs imposed under section 271(1)(c), finding no evidence of deliberate income concealment. Disallowances of various expenses were overturned as based on estimates and legal interpretations, not tax evasion attempts. The Tribunal dismissed the Revenue's appeal, emphasizing the distinction between assessment and penalty proceedings, requiring proof of concealment. Another appeal on the same penalty for the same year was deemed infructuous. Case-Laws Income Tax Thu, 31 Dec 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=150349