https://www.taxtmi.com/caselaws?id=267944 The Tribunal revoked the penalty of Rs. 32,28,750 imposed on the assessee under section 271(1)(c) of the Income Tax Act for concealing income related to share application money of Rs. 90 Lac. The Tribunal considered the issue of share capital addition as debatable, citing precedents and emphasizing that penalties should not be imposed in such cases. Referring to decisions of various High Courts, the Tribunal concluded that the penalty was not justified due to the debatable nature of the issue, ultimately allowing the appeal of the assessee and deleting the penalty. en-us Tue, 27 Oct 2015 00:00:00 +0530 Tue, 17 Nov 2015 05:57:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=267944 The Tribunal revoked the penalty of Rs. 32,28,750 imposed on the assessee under section 271(1)(c) of the Income Tax Act for concealing income related to share application money of Rs. 90 Lac. The Tribunal considered the issue of share capital addition as debatable, citing precedents and emphasizing that penalties should not be imposed in such cases. Referring to decisions of various High Courts, the Tribunal concluded that the penalty was not justified due to the debatable nature of the issue, ultimately allowing the appeal of the assessee and deleting the penalty. Case-Laws Income Tax Tue, 27 Oct 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=267944