https://www.taxtmi.com/caselaws?id=218408 The ITAT dismissed the Revenue's appeal and upheld the CIT(A)'s decision to cancel the penalty under section 271(1)(c) for the assessment year 2003-04. The ITAT found that the additions made by the A.O. were not sufficient to warrant the penalty, following the Gujarat High Court's ruling emphasizing the need for the department to prove concealment of income for such penalties. The ITAT declined to interfere with the CIT(A)'s decision based on this judgment and disregarded the Delhi High Court judgment cited by the Revenue, stating they are bound by the jurisdictional High Court's ruling. en-us Fri, 05 Oct 2012 00:00:00 +0530 Sat, 03 Nov 2012 16:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=218408 The ITAT dismissed the Revenue's appeal and upheld the CIT(A)'s decision to cancel the penalty under section 271(1)(c) for the assessment year 2003-04. The ITAT found that the additions made by the A.O. were not sufficient to warrant the penalty, following the Gujarat High Court's ruling emphasizing the need for the department to prove concealment of income for such penalties. The ITAT declined to interfere with the CIT(A)'s decision based on this judgment and disregarded the Delhi High Court judgment cited by the Revenue, stating they are bound by the jurisdictional High Court's ruling. Case-Laws Income Tax Fri, 05 Oct 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=218408