https://www.taxtmi.com/caselaws?id=216424 The ITAT upheld the CIT(A)'s decision to delete the penalty imposed under section 271(1)(c) of the Income Tax Act for AY 2008-09. The ITAT concluded that there was no concealment or inaccurate particulars in the assessee's return, as the disputed treatment of stock proceeds did not amount to concealment based on legal precedents. The ITAT emphasized the assessee's cooperation with tax authorities and willingness to pay tax as determined, indicating no intention to evade, leading to the dismissal of the Revenue's appeal. en-us Fri, 20 Jul 2012 00:00:00 +0530 Mon, 15 Jul 2013 14:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=216424 The ITAT upheld the CIT(A)'s decision to delete the penalty imposed under section 271(1)(c) of the Income Tax Act for AY 2008-09. The ITAT concluded that there was no concealment or inaccurate particulars in the assessee's return, as the disputed treatment of stock proceeds did not amount to concealment based on legal precedents. The ITAT emphasized the assessee's cooperation with tax authorities and willingness to pay tax as determined, indicating no intention to evade, leading to the dismissal of the Revenue's appeal. Case-Laws Income Tax Fri, 20 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=216424