https://www.taxtmi.com/caselaws?id=251764 The High Court upheld the deletion of the penalty for concealment under Section 271(1)(c) of the Income Tax Act, 1961 for the assessment year 2006-07. The respondent, engaged in land purchase and real estate development, provided sufficient documentation and explanations to justify expenses claimed, demonstrating bonafide actions and full disclosure of material facts. The Court found that the respondent had fulfilled the requirements under Explanation 1 to Section 271(1)(c), leading to the dismissal of the Revenue's appeal. en-us Mon, 01 Sep 2014 00:00:00 +0530 Sun, 28 Sep 2014 07:49:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=251764 The High Court upheld the deletion of the penalty for concealment under Section 271(1)(c) of the Income Tax Act, 1961 for the assessment year 2006-07. The respondent, engaged in land purchase and real estate development, provided sufficient documentation and explanations to justify expenses claimed, demonstrating bonafide actions and full disclosure of material facts. The Court found that the respondent had fulfilled the requirements under Explanation 1 to Section 271(1)(c), leading to the dismissal of the Revenue's appeal. Case-Laws Income Tax Mon, 01 Sep 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=251764