https://www.taxtmi.com/caselaws?id=208156 The Tribunal upheld the deletion of a penalty of Rs. 6,29,093/- imposed under section 271(1)(c) of the Income Tax Act. The penalty was initially levied based on additions to the assessee's income, but the CIT(A) found the penalty unjustified. The Tribunal emphasized the need for evidence of conscious concealment or furnishing inaccurate particulars for penalty imposition. Since the explanations provided were not disproved, and there was no evidence of intentional concealment, the penalty was deemed unwarranted. The Tribunal dismissed the Revenue's appeal, affirming the deletion of the penalty by the CIT(A). en-us Wed, 30 Nov 2011 00:00:00 +0530 Thu, 05 Jan 2012 15:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=208156 The Tribunal upheld the deletion of a penalty of Rs. 6,29,093/- imposed under section 271(1)(c) of the Income Tax Act. The penalty was initially levied based on additions to the assessee's income, but the CIT(A) found the penalty unjustified. The Tribunal emphasized the need for evidence of conscious concealment or furnishing inaccurate particulars for penalty imposition. Since the explanations provided were not disproved, and there was no evidence of intentional concealment, the penalty was deemed unwarranted. The Tribunal dismissed the Revenue's appeal, affirming the deletion of the penalty by the CIT(A). Case-Laws Income Tax Wed, 30 Nov 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=208156