https://www.taxtmi.com/caselaws?id=212818 The Tribunal dismissed the Revenue's appeal regarding the deletion of a penalty under Section 271(1)(c) of the IT Act. It was found that the assessee had disclosed additional income in its return, and there was no concealment of income. The Tribunal emphasized the distinction between assessment and penalty proceedings, stating that no penalty could be imposed without actual concealment or non-disclosure of income in the return. Additionally, the Tribunal noted that the CIT(A) had erroneously addressed an unrelated issue in the penalty proceedings. en-us Fri, 16 Dec 2011 00:00:00 +0530 Thu, 26 Apr 2012 09:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=212818 The Tribunal dismissed the Revenue's appeal regarding the deletion of a penalty under Section 271(1)(c) of the IT Act. It was found that the assessee had disclosed additional income in its return, and there was no concealment of income. The Tribunal emphasized the distinction between assessment and penalty proceedings, stating that no penalty could be imposed without actual concealment or non-disclosure of income in the return. Additionally, the Tribunal noted that the CIT(A) had erroneously addressed an unrelated issue in the penalty proceedings. Case-Laws Income Tax Fri, 16 Dec 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=212818