https://www.taxtmi.com/caselaws?id=264730 The Tribunal dismissed all eight appeals filed by the Revenue, upholding the deletion of the penalty of Rs. 24,61,047/- imposed under section 271(1)(c) of the Income Tax Act, 1961 for the assessment years in question. The Tribunal found that the Assessee did not engage in concealment of income, and the penalty was not warranted based on the facts and circumstances of the case. The decision was in favor of the Assessee, emphasizing that penalties should not be imposed for technical breaches or genuine differences in interpretation. en-us Mon, 10 Nov 2014 00:00:00 +0530 Thu, 01 Oct 2015 11:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=264730 The Tribunal dismissed all eight appeals filed by the Revenue, upholding the deletion of the penalty of Rs. 24,61,047/- imposed under section 271(1)(c) of the Income Tax Act, 1961 for the assessment years in question. The Tribunal found that the Assessee did not engage in concealment of income, and the penalty was not warranted based on the facts and circumstances of the case. The decision was in favor of the Assessee, emphasizing that penalties should not be imposed for technical breaches or genuine differences in interpretation. Case-Laws Income Tax Mon, 10 Nov 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=264730