https://www.taxtmi.com/caselaws?id=215710 The Appellate Tribunal upheld the decision to cancel the penalty imposed under section 158 BFA(2) of the Income Tax Act, 1961. The Tribunal found that the difference between the returned and assessed income was due to a mere difference of opinion and not concealment. As there was no evidence supporting concealment by the assessee, the Tribunal dismissed the Revenue's appeal, affirming the cancellation of the penalty. en-us Fri, 15 Jun 2012 00:00:00 +0530 Thu, 16 Aug 2012 07:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=215710 The Appellate Tribunal upheld the decision to cancel the penalty imposed under section 158 BFA(2) of the Income Tax Act, 1961. The Tribunal found that the difference between the returned and assessed income was due to a mere difference of opinion and not concealment. As there was no evidence supporting concealment by the assessee, the Tribunal dismissed the Revenue's appeal, affirming the cancellation of the penalty. Case-Laws Income Tax Fri, 15 Jun 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=215710