https://www.taxtmi.com/caselaws?id=233805 The Tribunal upheld the CIT (A)'s decision to delete the penalty under section 271(1)(c), finding that the appellant had not intentionally concealed income despite disallowances made during assessment. The Tribunal emphasized that penalty imposition requires intentional concealment, referencing legal principles and precedents. Despite the applicability of Explanation 4 to section 271(1)(c) in loss cases, the Tribunal concluded that the penalty was unjustified in this instance. Consequently, the Tribunal dismissed the Revenue's appeal, affirming the deletion of the penalty by the CIT (A) on 5th April 2013. en-us Fri, 05 Apr 2013 00:00:00 +0530 Thu, 16 May 2013 10:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=233805 The Tribunal upheld the CIT (A)'s decision to delete the penalty under section 271(1)(c), finding that the appellant had not intentionally concealed income despite disallowances made during assessment. The Tribunal emphasized that penalty imposition requires intentional concealment, referencing legal principles and precedents. Despite the applicability of Explanation 4 to section 271(1)(c) in loss cases, the Tribunal concluded that the penalty was unjustified in this instance. Consequently, the Tribunal dismissed the Revenue's appeal, affirming the deletion of the penalty by the CIT (A) on 5th April 2013. Case-Laws Income Tax Fri, 05 Apr 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=233805