https://www.taxtmi.com/caselaws?id=176842 The Court held in favor of the assessee on both issues, ruling against the revenue. The Court found that the amounts not previously offered to tax did not constitute concealment and that the penalty under section 271(1)(c) of the Income Tax Act was not justified for the relevant assessment years. The decision was based on precedents set by previous judgments in similar cases, including ITA 39 of 2010 and ITA 330 of 2009, which favored the assessee. Consequently, the appeal was dismissed, upholding the Tribunal's decision. en-us Thu, 03 Sep 2015 00:00:00 +0530 Wed, 30 Dec 2015 09:54:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=176842 The Court held in favor of the assessee on both issues, ruling against the revenue. The Court found that the amounts not previously offered to tax did not constitute concealment and that the penalty under section 271(1)(c) of the Income Tax Act was not justified for the relevant assessment years. The decision was based on precedents set by previous judgments in similar cases, including ITA 39 of 2010 and ITA 330 of 2009, which favored the assessee. Consequently, the appeal was dismissed, upholding the Tribunal's decision. Case-Laws Income Tax Thu, 03 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=176842