https://www.taxtmi.com/caselaws?id=333832 The ITAT allowed the appeal of the assessee, setting aside the penalty under section 271(1)(c) of the Income Tax Act. The ITAT concluded that the addition of part of the amount as unexplained did not justify imposing a penalty for concealment of income. It was determined that the assets forming the opening balance were acquired much earlier, and therefore, the penalty was deemed unwarranted in this case. en-us Wed, 05 Oct 2016 00:00:00 +0530 Tue, 25 Oct 2016 16:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=333832 The ITAT allowed the appeal of the assessee, setting aside the penalty under section 271(1)(c) of the Income Tax Act. The ITAT concluded that the addition of part of the amount as unexplained did not justify imposing a penalty for concealment of income. It was determined that the assets forming the opening balance were acquired much earlier, and therefore, the penalty was deemed unwarranted in this case. Case-Laws Income Tax Wed, 05 Oct 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=333832