https://www.taxtmi.com/caselaws?id=259673 The Tribunal upheld the CIT(A)'s decision to cancel the penalty of Rs. 15,54,462/- imposed under Section 271(1)(c) of the Income Tax Act, 1961. The Tribunal found that the assessee's actions did not amount to concealment or furnishing inaccurate particulars, as the disallowed sum was due to a difference in interpretation rather than intentional wrongdoing. The Tribunal emphasized that the burden of proof lies with the revenue to establish concealment, which was not met in this case. Therefore, the penalty was deemed unjustified, and the revenue's appeal was dismissed. en-us Fri, 01 May 2015 00:00:00 +0530 Sun, 17 May 2015 12:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=259673 The Tribunal upheld the CIT(A)'s decision to cancel the penalty of Rs. 15,54,462/- imposed under Section 271(1)(c) of the Income Tax Act, 1961. The Tribunal found that the assessee's actions did not amount to concealment or furnishing inaccurate particulars, as the disallowed sum was due to a difference in interpretation rather than intentional wrongdoing. The Tribunal emphasized that the burden of proof lies with the revenue to establish concealment, which was not met in this case. Therefore, the penalty was deemed unjustified, and the revenue's appeal was dismissed. Case-Laws Income Tax Fri, 01 May 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=259673