https://www.taxtmi.com/caselaws?id=332598 The High Court ruled in favor of the Respondent Assessee, upholding the Tribunal's decision to delete the penalty imposed under Section 271(1)(c) of the Income Tax Act. The Court found no concealment of income based on the record and material available, emphasizing that penalties apply to actual breaches of law, not supposed intent. The appeal was dismissed, and no costs were awarded, with the High Court endorsing the Tribunal's conclusion that no concealment of income occurred. en-us Thu, 01 Sep 2016 00:00:00 +0530 Wed, 21 Sep 2016 15:51:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=332598 The High Court ruled in favor of the Respondent Assessee, upholding the Tribunal's decision to delete the penalty imposed under Section 271(1)(c) of the Income Tax Act. The Court found no concealment of income based on the record and material available, emphasizing that penalties apply to actual breaches of law, not supposed intent. The appeal was dismissed, and no costs were awarded, with the High Court endorsing the Tribunal's conclusion that no concealment of income occurred. Case-Laws Income Tax Thu, 01 Sep 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=332598