https://www.taxtmi.com/caselaws?id=247842 The ITAT confirmed the CIT (A) decision to delete the penalty imposed under section 271(1)(c) for the assessment year 2006-07. The decision emphasized the lack of evidence of concealment and the acceptance of additional income by the Assessing Officer as crucial factors. Legal precedents, including the Supreme Court ruling in Suresh Chandra Mittal vs. CIT, supported the judgment that when declared income is accepted, penalty for concealment cannot be upheld. en-us Wed, 07 May 2014 00:00:00 +0530 Sun, 25 May 2014 08:35:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=247842 The ITAT confirmed the CIT (A) decision to delete the penalty imposed under section 271(1)(c) for the assessment year 2006-07. The decision emphasized the lack of evidence of concealment and the acceptance of additional income by the Assessing Officer as crucial factors. Legal precedents, including the Supreme Court ruling in Suresh Chandra Mittal vs. CIT, supported the judgment that when declared income is accepted, penalty for concealment cannot be upheld. Case-Laws Income Tax Wed, 07 May 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=247842