https://www.taxtmi.com/caselaws?id=187547 The Tribunal dismissed the revenue's appeals, upholding the Commissioner's decision to delete the penalties imposed by the Assessing Officer under section 271(1)(c) for assessment years 1997-98 and 1998-99. The penalties were deemed unjustified as there was no deliberate concealment of income, and the appellant had disclosed all relevant facts, citing reasonable doubt in recovery, adherence to accounting standards, and proper disclosure in audited accounts. The decision was supported by precedents, emphasizing the appellant's explanation for not declaring income on accrual basis due to the financial situation of borrower companies and in line with accounting standards. en-us Tue, 26 Apr 2005 00:00:00 +0530 Wed, 26 Oct 2016 11:03:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=187547 The Tribunal dismissed the revenue's appeals, upholding the Commissioner's decision to delete the penalties imposed by the Assessing Officer under section 271(1)(c) for assessment years 1997-98 and 1998-99. The penalties were deemed unjustified as there was no deliberate concealment of income, and the appellant had disclosed all relevant facts, citing reasonable doubt in recovery, adherence to accounting standards, and proper disclosure in audited accounts. The decision was supported by precedents, emphasizing the appellant's explanation for not declaring income on accrual basis due to the financial situation of borrower companies and in line with accounting standards. Case-Laws Income Tax Tue, 26 Apr 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=187547