https://www.taxtmi.com/caselaws?id=216199 The Tribunal ruled in favor of the appellant, canceling the penalties imposed by the Assessing Officer and confirmed by the Commissioner of Income Tax (Appeals) for both Assessment Years (A.Y.) 2004-05 and 2007-08. The Tribunal found that the additions made to the total income lacked proper basis and concrete evidence, concluding that they did not constitute concealment under section 271(1)(c) of the Income Tax Act. Consequently, the penalties for both A.Y. 2004-05 and 2007-08 were deemed unsustainable and were canceled by the Tribunal. en-us Wed, 13 Jun 2012 00:00:00 +0530 Fri, 24 Aug 2012 12:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=216199 The Tribunal ruled in favor of the appellant, canceling the penalties imposed by the Assessing Officer and confirmed by the Commissioner of Income Tax (Appeals) for both Assessment Years (A.Y.) 2004-05 and 2007-08. The Tribunal found that the additions made to the total income lacked proper basis and concrete evidence, concluding that they did not constitute concealment under section 271(1)(c) of the Income Tax Act. Consequently, the penalties for both A.Y. 2004-05 and 2007-08 were deemed unsustainable and were canceled by the Tribunal. Case-Laws Income Tax Wed, 13 Jun 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=216199