https://www.taxtmi.com/caselaws?id=219991 The High Court upheld the Tribunal's decision to revoke the penalty imposed on the assessee under Section 271(1)(c) of the Income-Tax Act. The Tribunal found that the assessee had not concealed income or provided inaccurate particulars, as all relevant facts were on record. Additionally, the explanation provided to the Assessing Officer was deemed genuine, and adjustments made did not affect the tax liability. The High Court agreed with the Tribunal's findings, dismissing the Tax Appeal as no substantial question of law arose from the case. en-us Tue, 29 Mar 2011 00:00:00 +0530 Fri, 04 Jan 2013 15:08:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=219991 The High Court upheld the Tribunal's decision to revoke the penalty imposed on the assessee under Section 271(1)(c) of the Income-Tax Act. The Tribunal found that the assessee had not concealed income or provided inaccurate particulars, as all relevant facts were on record. Additionally, the explanation provided to the Assessing Officer was deemed genuine, and adjustments made did not affect the tax liability. The High Court agreed with the Tribunal's findings, dismissing the Tax Appeal as no substantial question of law arose from the case. Case-Laws Income Tax Tue, 29 Mar 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=219991