https://www.taxtmi.com/caselaws?id=260962 The Tribunal dismissed all appeals by revenue, upholding the CIT(A) order deleting the penalty under section 271(1)(c) for the set off of loss relating to the merged company. The decision emphasized that errors based on expert advice do not warrant penalties under section 271(1)(c) and penalties are applicable only in cases of proven concealment of income, not mere differences in interpretation or calculation. en-us Fri, 15 May 2015 00:00:00 +0530 Mon, 29 Jun 2015 06:29:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=260962 The Tribunal dismissed all appeals by revenue, upholding the CIT(A) order deleting the penalty under section 271(1)(c) for the set off of loss relating to the merged company. The decision emphasized that errors based on expert advice do not warrant penalties under section 271(1)(c) and penalties are applicable only in cases of proven concealment of income, not mere differences in interpretation or calculation. Case-Laws Income Tax Fri, 15 May 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=260962