https://www.taxtmi.com/caselaws?id=174536 The Tribunal dismissed the Revenue's appeal against the deletion of penalty under section 271(1)(c) of the Income Tax Act, upholding the penalty imposed by the Assessing Officer for concealment of income. The Tribunal found that the firm deliberately concealed taxable income, which was only revealed during the search, and the acceptance of returned income without further inquiry did not exempt it from the penalty. Therefore, the penalty was upheld, and the Revenue's appeal was rejected. en-us Thu, 02 Jun 2011 00:00:00 +0530 Fri, 09 Oct 2015 16:38:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=174536 The Tribunal dismissed the Revenue's appeal against the deletion of penalty under section 271(1)(c) of the Income Tax Act, upholding the penalty imposed by the Assessing Officer for concealment of income. The Tribunal found that the firm deliberately concealed taxable income, which was only revealed during the search, and the acceptance of returned income without further inquiry did not exempt it from the penalty. Therefore, the penalty was upheld, and the Revenue's appeal was rejected. Case-Laws Income Tax Thu, 02 Jun 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=174536