https://www.taxtmi.com/caselaws?id=235421 The High Court of Bombay dismissed the Revenue's appeal challenging the deletion of penalty under Section 271(1)(c) of the Income Tax Act for Assessment Year 1992-93. The Court upheld the decision of the CIT(A) and Tribunal, ruling in favor of the respondent. The Court emphasized the requirement of concealment of income or furnishing inaccurate particulars for penalty imposition, citing the Supreme Court's decision in Reliance Petro Products Ltd. The respondent's full disclosure of information and lack of evidence of concealment led to the dismissal of the appeal, highlighting the importance of adherence to tax laws for penalty enforcement. en-us Mon, 24 Jun 2013 00:00:00 +0530 Tue, 23 Jul 2013 10:03:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=235421 The High Court of Bombay dismissed the Revenue's appeal challenging the deletion of penalty under Section 271(1)(c) of the Income Tax Act for Assessment Year 1992-93. The Court upheld the decision of the CIT(A) and Tribunal, ruling in favor of the respondent. The Court emphasized the requirement of concealment of income or furnishing inaccurate particulars for penalty imposition, citing the Supreme Court's decision in Reliance Petro Products Ltd. The respondent's full disclosure of information and lack of evidence of concealment led to the dismissal of the appeal, highlighting the importance of adherence to tax laws for penalty enforcement. Case-Laws Income Tax Mon, 24 Jun 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=235421