https://www.taxtmi.com/caselaws?id=221604 The High Court upheld the Tribunal's decision to delete the penalty under Section 271(1)(c) of the Income Tax Act, 1961 for the assessment year 2004-2005. The Court found that the assessee had disclosed all relevant particulars regarding the income from the assignment of business, including the accounting policy adopted. It concluded that there was no concealment of income to warrant the imposition of the penalty, dismissing the Revenue's appeal with no order as to costs. en-us Fri, 15 Feb 2013 00:00:00 +0530 Wed, 20 Mar 2013 15:16:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=221604 The High Court upheld the Tribunal's decision to delete the penalty under Section 271(1)(c) of the Income Tax Act, 1961 for the assessment year 2004-2005. The Court found that the assessee had disclosed all relevant particulars regarding the income from the assignment of business, including the accounting policy adopted. It concluded that there was no concealment of income to warrant the imposition of the penalty, dismissing the Revenue's appeal with no order as to costs. Case-Laws Income Tax Fri, 15 Feb 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=221604