https://www.taxtmi.com/caselaws?id=331752 The Tribunal upheld the decision of the ld. CIT(A) to delete the penalty of Rs. 28,00,670 imposed under section 271(1)(c) for concealment of income by the assessee. The Tribunal emphasized that the penalty imposition requires evidence of inaccurate particulars or concealed income, which was lacking in this case. It was noted that the assessee had disclosed the actual sale considerations in the original return, and the assessment was based on the submitted documents. The Tribunal concluded that the penalty was not justified due to the absence of evidence of additional consideration received by the assessee. en-us Tue, 26 Jul 2016 00:00:00 +0530 Thu, 01 Sep 2016 14:06:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=331752 The Tribunal upheld the decision of the ld. CIT(A) to delete the penalty of Rs. 28,00,670 imposed under section 271(1)(c) for concealment of income by the assessee. The Tribunal emphasized that the penalty imposition requires evidence of inaccurate particulars or concealed income, which was lacking in this case. It was noted that the assessee had disclosed the actual sale considerations in the original return, and the assessment was based on the submitted documents. The Tribunal concluded that the penalty was not justified due to the absence of evidence of additional consideration received by the assessee. Case-Laws Income Tax Tue, 26 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=331752