https://www.taxtmi.com/caselaws?id=241181 The High Court dismissed the Revenue's challenge to the penalty imposed under Section 271(1)(c) of the Income Tax Act for Assessment Year 2001-2002. The court held that since deliberate concealment was not established in relation to excess stock, the penalty could not be imposed for that aspect. The court emphasized that mens rea and interference with the penalty require deliberate concealment to be proven. As the concealment regarding excess stock was not deemed deliberate by the authorities, the appeal by the Revenue was dismissed. en-us Wed, 11 Dec 2013 00:00:00 +0530 Wed, 18 Dec 2013 08:48:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=241181 The High Court dismissed the Revenue's challenge to the penalty imposed under Section 271(1)(c) of the Income Tax Act for Assessment Year 2001-2002. The court held that since deliberate concealment was not established in relation to excess stock, the penalty could not be imposed for that aspect. The court emphasized that mens rea and interference with the penalty require deliberate concealment to be proven. As the concealment regarding excess stock was not deemed deliberate by the authorities, the appeal by the Revenue was dismissed. Case-Laws Income Tax Wed, 11 Dec 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=241181