https://www.taxtmi.com/caselaws?id=333479 The High Court upheld the Tribunal's decision to delete a penalty of Rs. 77.25 lakhs under section 271(1)(c) of the Income Tax Act. The Court found that no penalty should be levied when no addition is made post the search return, treating it as filed under section 139. Despite penalty proceedings initiated, the Court concluded that the deeming fiction of concealment was not attracted, leading to the deletion of the penalty. The Tribunal's decision was upheld based on the lack of error in the facts of the case, resulting in the dismissal of the tax appeal. en-us Tue, 19 Jul 2016 00:00:00 +0530 Fri, 14 Oct 2016 13:47:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=333479 The High Court upheld the Tribunal's decision to delete a penalty of Rs. 77.25 lakhs under section 271(1)(c) of the Income Tax Act. The Court found that no penalty should be levied when no addition is made post the search return, treating it as filed under section 139. Despite penalty proceedings initiated, the Court concluded that the deeming fiction of concealment was not attracted, leading to the deletion of the penalty. The Tribunal's decision was upheld based on the lack of error in the facts of the case, resulting in the dismissal of the tax appeal. Case-Laws Income Tax Tue, 19 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=333479