https://www.taxtmi.com/caselaws?id=328543 The Tribunal ruled in favor of the assessee, a Government Corporation, in an appeal against a penalty imposed under section 271(1)(c) of the Income Tax Act for non-accounting of discount receivable from Indian Oil Corporation. The Tribunal held that the Revenue failed to prove deliberate concealment or furnishing of inaccurate particulars, noting the discount was eventually included in subsequent years. Emphasizing the distinction between assessment and penalty proceedings, the Tribunal relied on legal precedent and arguments to delete the penalty, allowing the assessee's appeal on 11 May 2016 in Ahmedabad. en-us Wed, 11 May 2016 00:00:00 +0530 Tue, 07 Jun 2016 11:21:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=328543 The Tribunal ruled in favor of the assessee, a Government Corporation, in an appeal against a penalty imposed under section 271(1)(c) of the Income Tax Act for non-accounting of discount receivable from Indian Oil Corporation. The Tribunal held that the Revenue failed to prove deliberate concealment or furnishing of inaccurate particulars, noting the discount was eventually included in subsequent years. Emphasizing the distinction between assessment and penalty proceedings, the Tribunal relied on legal precedent and arguments to delete the penalty, allowing the assessee's appeal on 11 May 2016 in Ahmedabad. Case-Laws Income Tax Wed, 11 May 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=328543