https://www.taxtmi.com/caselaws?id=179641 The Tribunal set aside the penalty imposed on the assessee under section 271(1)(c) of the Act for alleged concealment of material facts during the assessment year 2008-09. The High Court upheld the Tribunal's decision, ruling that there was no concealment of material information by the assessee. The denial of benefit under section 54F was still pending before the High Court, making the penalty premature. The Court dismissed the appeal, emphasizing that penalty could only be imposed for concealment or furnishing inaccurate particulars, which were not found in this case. No costs were awarded. en-us Tue, 10 Mar 2015 00:00:00 +0530 Fri, 03 Apr 2026 13:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=179641 The Tribunal set aside the penalty imposed on the assessee under section 271(1)(c) of the Act for alleged concealment of material facts during the assessment year 2008-09. The High Court upheld the Tribunal's decision, ruling that there was no concealment of material information by the assessee. The denial of benefit under section 54F was still pending before the High Court, making the penalty premature. The Court dismissed the appeal, emphasizing that penalty could only be imposed for concealment or furnishing inaccurate particulars, which were not found in this case. No costs were awarded. Case-Laws Income Tax Tue, 10 Mar 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=179641