https://www.taxtmi.com/caselaws?id=207144 The Tribunal dismissed the department's appeal, upholding the CIT(A)'s decision to cancel the penalty of Rs.63,86,565 imposed under section 271(1)(c). The Tribunal emphasized the separation of assessment and penalty proceedings, requiring evidence of income concealment for penalties. As the explanations provided were deemed valid and not proven false, the penalty cancellation was affirmed based on lack of concealment evidence. en-us Thu, 04 Feb 2010 00:00:00 +0530 Sat, 22 Oct 2011 11:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=207144 The Tribunal dismissed the department's appeal, upholding the CIT(A)'s decision to cancel the penalty of Rs.63,86,565 imposed under section 271(1)(c). The Tribunal emphasized the separation of assessment and penalty proceedings, requiring evidence of income concealment for penalties. As the explanations provided were deemed valid and not proven false, the penalty cancellation was affirmed based on lack of concealment evidence. Case-Laws Income Tax Thu, 04 Feb 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=207144