https://www.taxtmi.com/caselaws?id=185892 The Tribunal cancelled the penalty imposed on the assessee under section 271(1)(c) of the Income Tax Act for the assessment year 1996-97. The dispute arose from the treatment of a receipt from Hewlett Packard (HP) as a capital receipt by the assessee, which the Assessing Officer considered as business profits. The Tribunal held that there was no deliberate attempt to conceal income, as the dispute was based on interpretation rather than concealment or furnishing inaccurate particulars. The Tribunal dismissed the Revenue's appeal, affirming the cancellation of the penalty. en-us Fri, 16 Jul 2010 00:00:00 +0530 Thu, 01 Sep 2016 17:32:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=185892 The Tribunal cancelled the penalty imposed on the assessee under section 271(1)(c) of the Income Tax Act for the assessment year 1996-97. The dispute arose from the treatment of a receipt from Hewlett Packard (HP) as a capital receipt by the assessee, which the Assessing Officer considered as business profits. The Tribunal held that there was no deliberate attempt to conceal income, as the dispute was based on interpretation rather than concealment or furnishing inaccurate particulars. The Tribunal dismissed the Revenue's appeal, affirming the cancellation of the penalty. Case-Laws Income Tax Fri, 16 Jul 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=185892