https://www.taxtmi.com/caselaws?id=328110 The Tribunal allowed the appeal against the confirmation of a minimum penalty of Rs. 3,90,456 under section 271(1)(c) for income concealment. The Tribunal found that while the additions made by the Revenue were valid, they failed to adequately verify the evidence provided by the assessee, including confirmation letters from creditors. As a result, the penalty was deemed unjustifiable, leading to its deletion in favor of the assessee. en-us Fri, 22 Apr 2016 00:00:00 +0530 Thu, 26 May 2016 08:18:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=328110 The Tribunal allowed the appeal against the confirmation of a minimum penalty of Rs. 3,90,456 under section 271(1)(c) for income concealment. The Tribunal found that while the additions made by the Revenue were valid, they failed to adequately verify the evidence provided by the assessee, including confirmation letters from creditors. As a result, the penalty was deemed unjustifiable, leading to its deletion in favor of the assessee. Case-Laws Income Tax Fri, 22 Apr 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=328110