https://www.taxtmi.com/caselaws?id=216089 The Tribunal upheld the CIT (A)'s decision to delete the penalty under section 271(1)(c) for Assessment Year 2007-08. It found that the appellant had disclosed the consideration in the year of receipt, negating any intention to conceal income. Relying on relevant case law, the Tribunal dismissed the Revenue's appeal, emphasizing that penalty proceedings should not automatically imply concealment, especially when disclosure was made in the original return. en-us Fri, 08 Jun 2012 00:00:00 +0530 Mon, 27 May 2013 15:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=216089 The Tribunal upheld the CIT (A)'s decision to delete the penalty under section 271(1)(c) for Assessment Year 2007-08. It found that the appellant had disclosed the consideration in the year of receipt, negating any intention to conceal income. Relying on relevant case law, the Tribunal dismissed the Revenue's appeal, emphasizing that penalty proceedings should not automatically imply concealment, especially when disclosure was made in the original return. Case-Laws Income Tax Fri, 08 Jun 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=216089