https://www.taxtmi.com/caselaws?id=212553 The Tribunal upheld the C.I.T.(A)'s decision to delete the penalty of Rs.1,54,84,193/- imposed under Section 271(1)(c) of the Income Tax Act. The Tribunal found that the assessee's explanation for the omission of capital gains was bona fide, there was no intention to conceal income, and all relevant facts were disclosed. As such, the conditions for imposing the penalty were not met, leading to the dismissal of the department's appeal. en-us Fri, 25 Nov 2011 00:00:00 +0530 Tue, 20 Nov 2012 15:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=212553 The Tribunal upheld the C.I.T.(A)'s decision to delete the penalty of Rs.1,54,84,193/- imposed under Section 271(1)(c) of the Income Tax Act. The Tribunal found that the assessee's explanation for the omission of capital gains was bona fide, there was no intention to conceal income, and all relevant facts were disclosed. As such, the conditions for imposing the penalty were not met, leading to the dismissal of the department's appeal. Case-Laws Income Tax Fri, 25 Nov 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=212553