https://www.taxtmi.com/caselaws?id=151664 The Tribunal set aside the penalty imposed under section 271(1)(c) of the Income-tax Act, 1961, as it found that the assessee did not intentionally conceal income and had disclosed all relevant facts. The Tribunal emphasized the distinction between penalty and quantum proceedings, highlighting the lack of clear evidence of deliberate concealment. It referenced legal precedents to support its decision, ultimately ruling in favor of the assessee and canceling the penalty. en-us Fri, 19 Sep 2008 00:00:00 +0530 Tue, 11 Jun 2013 15:27:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=151664 The Tribunal set aside the penalty imposed under section 271(1)(c) of the Income-tax Act, 1961, as it found that the assessee did not intentionally conceal income and had disclosed all relevant facts. The Tribunal emphasized the distinction between penalty and quantum proceedings, highlighting the lack of clear evidence of deliberate concealment. It referenced legal precedents to support its decision, ultimately ruling in favor of the assessee and canceling the penalty. Case-Laws Income Tax Fri, 19 Sep 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=151664