https://www.taxtmi.com/caselaws?id=328111 The Tribunal upheld the deletion of the penalty under section 271(1)(c) of the Income Tax Act for concealment of income related to Short Term Capital Gain by a Private Limited Investment Company. The Tribunal found that the failure to disclose the profit on the sale of shares was inadvertent and not a deliberate attempt to defraud the revenue. Relying on legal precedents, the Tribunal concluded that the error did not amount to deliberate concealment of income, and therefore, the penalty was not justified. The Revenue's appeal was dismissed, affirming the decision of the ld. Commissioner Income-Tax (Appeals) to delete the penalty. en-us Mon, 02 May 2016 00:00:00 +0530 Thu, 26 May 2016 08:18:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=328111 The Tribunal upheld the deletion of the penalty under section 271(1)(c) of the Income Tax Act for concealment of income related to Short Term Capital Gain by a Private Limited Investment Company. The Tribunal found that the failure to disclose the profit on the sale of shares was inadvertent and not a deliberate attempt to defraud the revenue. Relying on legal precedents, the Tribunal concluded that the error did not amount to deliberate concealment of income, and therefore, the penalty was not justified. The Revenue's appeal was dismissed, affirming the decision of the ld. Commissioner Income-Tax (Appeals) to delete the penalty. Case-Laws Income Tax Mon, 02 May 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=328111