https://www.taxtmi.com/caselaws?id=177770 The tribunal set aside the penalties imposed on the assessees P.P. Ashtekar and P.B. Ashtekar under section 271(1)(c) of the Income Tax Act for concealing income in their original returns. The tribunal found insufficient evidence to support the penalties and directed the Assessing Officer to delete them. The decision favored the assessees, revoking the penalties due to the lack of concrete proof of income concealment in the original returns. en-us Wed, 28 Mar 2012 00:00:00 +0530 Fri, 07 Jul 2017 10:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=177770 The tribunal set aside the penalties imposed on the assessees P.P. Ashtekar and P.B. Ashtekar under section 271(1)(c) of the Income Tax Act for concealing income in their original returns. The tribunal found insufficient evidence to support the penalties and directed the Assessing Officer to delete them. The decision favored the assessees, revoking the penalties due to the lack of concrete proof of income concealment in the original returns. Case-Laws Income Tax Wed, 28 Mar 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=177770