https://www.taxtmi.com/caselaws?id=247473 The court upheld the Income Tax Appellate Tribunal's decision to delete the penalty imposed under Section 271(1)(c) of the Income Tax Act, 1961. The Tribunal ruled that no penalty is leviable when income computation is under Section 115JB, even if concealment of income particulars is proven. The court emphasized that penalty provisions apply only when concealment leads to tax evasion, and since the tax liability remained the same before and after the concealment was discovered, the penalty was not justified. The court dismissed the Tax Appeals, absolving the respondent of any penalty and costs. en-us Wed, 23 Apr 2014 00:00:00 +0530 Mon, 09 Feb 2015 18:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=247473 The court upheld the Income Tax Appellate Tribunal's decision to delete the penalty imposed under Section 271(1)(c) of the Income Tax Act, 1961. The Tribunal ruled that no penalty is leviable when income computation is under Section 115JB, even if concealment of income particulars is proven. The court emphasized that penalty provisions apply only when concealment leads to tax evasion, and since the tax liability remained the same before and after the concealment was discovered, the penalty was not justified. The court dismissed the Tax Appeals, absolving the respondent of any penalty and costs. Case-Laws Income Tax Wed, 23 Apr 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=247473