https://www.taxtmi.com/caselaws?id=248866 The Tribunal revoked the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961, amounting to Rs 9,03,648, due to insufficient evidence connecting the added amount to concealed income. The appeal was allowed, emphasizing the necessity for concrete evidence to justify penalties and distinguishing between penalty and assessment proceedings. en-us Fri, 06 Jun 2014 00:00:00 +0530 Fri, 20 Jun 2014 11:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=248866 The Tribunal revoked the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961, amounting to Rs 9,03,648, due to insufficient evidence connecting the added amount to concealed income. The appeal was allowed, emphasizing the necessity for concrete evidence to justify penalties and distinguishing between penalty and assessment proceedings. Case-Laws Income Tax Fri, 06 Jun 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=248866