https://www.taxtmi.com/caselaws?id=242426 The Tribunal canceled the penalty imposed under section 271(1)(c) of the Income Tax Act in the case concerning disallowed expenses claimed by the appellant. The Tribunal ruled that since the income was computed under section 115JB of the Act where the disallowance did not impact tax evasion, the concealment of particulars did not warrant penalty imposition. Citing legal principles and precedents, the Tribunal revoked the penalty, aligning with the decision of the Hon'ble Delhi High Court that concealment leading to tax evasion is necessary for penalty imposition. Consequently, the appellant's appeal was allowed, and the penalty was canceled. en-us Fri, 08 Feb 2013 00:00:00 +0530 Wed, 15 Jan 2014 10:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=242426 The Tribunal canceled the penalty imposed under section 271(1)(c) of the Income Tax Act in the case concerning disallowed expenses claimed by the appellant. The Tribunal ruled that since the income was computed under section 115JB of the Act where the disallowance did not impact tax evasion, the concealment of particulars did not warrant penalty imposition. Citing legal principles and precedents, the Tribunal revoked the penalty, aligning with the decision of the Hon'ble Delhi High Court that concealment leading to tax evasion is necessary for penalty imposition. Consequently, the appellant's appeal was allowed, and the penalty was canceled. Case-Laws Income Tax Fri, 08 Feb 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=242426