https://www.taxtmi.com/caselaws?id=332036 The Income Tax Appellate Tribunal (ITAT) affirmed the deletion of penalty amounts assessed under Section 271(1)(c) of the Income Tax Act by the CIT(A). The ITAT held that concealment of income under Section 115JB did not warrant penalty under Section 271(1)(c) as tax was paid based on the assessed income. The Court dismissed the appeal, emphasizing the need for objective material to establish concealment and the importance of certainty in law. en-us Fri, 19 Aug 2016 00:00:00 +0530 Tue, 08 Aug 2017 11:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=332036 The Income Tax Appellate Tribunal (ITAT) affirmed the deletion of penalty amounts assessed under Section 271(1)(c) of the Income Tax Act by the CIT(A). The ITAT held that concealment of income under Section 115JB did not warrant penalty under Section 271(1)(c) as tax was paid based on the assessed income. The Court dismissed the appeal, emphasizing the need for objective material to establish concealment and the importance of certainty in law. Case-Laws Income Tax Fri, 19 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=332036