https://www.taxtmi.com/caselaws?id=261162 The Tribunal upheld the CIT(A)'s decision to delete the penalty levied under Section 271(1)(c) of the Income Tax Act, agreeing that the income declared by the directors, including the assessee, belonged to the respective companies and should be taxed in the companies' hands. The Tribunal emphasized that for the penalty to be levied, there must be concealed income of the assessee, which was not the case here. Consequently, the Tribunal dismissed the Revenue's appeals, affirming the deletion of the penalty by the CIT(A). en-us Fri, 26 Jun 2015 00:00:00 +0530 Fri, 03 Jul 2015 08:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=261162 The Tribunal upheld the CIT(A)'s decision to delete the penalty levied under Section 271(1)(c) of the Income Tax Act, agreeing that the income declared by the directors, including the assessee, belonged to the respective companies and should be taxed in the companies' hands. The Tribunal emphasized that for the penalty to be levied, there must be concealed income of the assessee, which was not the case here. Consequently, the Tribunal dismissed the Revenue's appeals, affirming the deletion of the penalty by the CIT(A). Case-Laws Income Tax Fri, 26 Jun 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=261162