https://www.taxtmi.com/caselaws?id=265724 The Tribunal set aside the penalty orders under section 271(1)(c) of the Income Tax Act, 1961, emphasizing the need for independent examination of evidence in penalty proceedings. It highlighted that findings in quantum proceedings do not automatically lead to penalty imposition and stressed the burden of proof on the assessee. The Tribunal directed a re-adjudication based on relevant legal principles and the Supreme Court's stance on concealment of income, allowing the appeals of the assessees for statistical purposes. en-us Thu, 03 Sep 2015 00:00:00 +0530 Mon, 08 Aug 2022 10:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=265724 The Tribunal set aside the penalty orders under section 271(1)(c) of the Income Tax Act, 1961, emphasizing the need for independent examination of evidence in penalty proceedings. It highlighted that findings in quantum proceedings do not automatically lead to penalty imposition and stressed the burden of proof on the assessee. The Tribunal directed a re-adjudication based on relevant legal principles and the Supreme Court's stance on concealment of income, allowing the appeals of the assessees for statistical purposes. Case-Laws Income Tax Thu, 03 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=265724