https://www.taxtmi.com/caselaws?id=216388 The Tribunal upheld the CIT(A)'s decision to cancel the penalty under section 271(1)(c) of the Income Tax Act for the assessment year in question. The Revenue's appeal against the deletion of the penalty was dismissed, as the CIT(A) found the assessee's explanation for the disputed long term capital gain to be genuine and reasonable, in line with legal precedents. The Tribunal emphasized that civil liability under section 271(1)(c) does not require willful concealment and ruled in favor of the assessee, affirming the cancellation of the penalty. en-us Fri, 27 Jul 2012 00:00:00 +0530 Fri, 05 Oct 2012 18:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=216388 The Tribunal upheld the CIT(A)'s decision to cancel the penalty under section 271(1)(c) of the Income Tax Act for the assessment year in question. The Revenue's appeal against the deletion of the penalty was dismissed, as the CIT(A) found the assessee's explanation for the disputed long term capital gain to be genuine and reasonable, in line with legal precedents. The Tribunal emphasized that civil liability under section 271(1)(c) does not require willful concealment and ruled in favor of the assessee, affirming the cancellation of the penalty. Case-Laws Income Tax Fri, 27 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=216388