https://www.taxtmi.com/caselaws?id=265309 The Appellate Tribunal ITAT Ahmedabad dismissed the revenue's appeal against the deletion of a penalty imposed under section 271(1)(c) of the Income Tax Act for Assessment Year 2005-06. The Tribunal found that the discrepancies in gross receipts were due to a mere difference of opinion and not deliberate concealment, leading to the conclusion that the penalty was wrongly imposed. The Tribunal emphasized the lack of evidence showing the assessee's explanations were false or not bona fide, resulting in the deletion of the penalty. en-us Fri, 19 Jun 2015 00:00:00 +0530 Mon, 12 Oct 2015 15:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=265309 The Appellate Tribunal ITAT Ahmedabad dismissed the revenue's appeal against the deletion of a penalty imposed under section 271(1)(c) of the Income Tax Act for Assessment Year 2005-06. The Tribunal found that the discrepancies in gross receipts were due to a mere difference of opinion and not deliberate concealment, leading to the conclusion that the penalty was wrongly imposed. The Tribunal emphasized the lack of evidence showing the assessee's explanations were false or not bona fide, resulting in the deletion of the penalty. Case-Laws Income Tax Fri, 19 Jun 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=265309