https://www.taxtmi.com/caselaws?id=241549 The High Court dismissed the Revenue's appeal, upholding the Tribunal's decision to set aside the penalty. The Court emphasized the necessity of a clear direction in the assessment order for initiating penalty proceedings under Section 271(1)(c) of the Income Tax Act, highlighting that phrases like "penalty proceedings are being initiated separately" do not suffice. The Court concluded that the assessee's withdrawal of the claim for diminution in value of investment was not concealment of income but a voluntary action to avoid litigation, in compliance with relevant accounting standards. en-us Tue, 26 Nov 2013 00:00:00 +0530 Thu, 26 Dec 2013 08:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=241549 The High Court dismissed the Revenue's appeal, upholding the Tribunal's decision to set aside the penalty. The Court emphasized the necessity of a clear direction in the assessment order for initiating penalty proceedings under Section 271(1)(c) of the Income Tax Act, highlighting that phrases like "penalty proceedings are being initiated separately" do not suffice. The Court concluded that the assessee's withdrawal of the claim for diminution in value of investment was not concealment of income but a voluntary action to avoid litigation, in compliance with relevant accounting standards. Case-Laws Income Tax Tue, 26 Nov 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=241549