https://www.taxtmi.com/caselaws?id=334785 The appeal challenging the penalty under Section 271(1)(c) for advances on dormant contracts was dismissed. Both the CIT(A) and the Tribunal found that the advances were declared in subsequent assessment years before proceedings for the subject year commenced, indicating no concealment but a dispute over the taxable year. The explanation provided by the respondent clarified the taxability of income in later years, leading to the deletion of the penalty imposed by the Assessing Officer. The appeal did not raise substantial legal questions, resulting in no costs being imposed. en-us Tue, 15 Nov 2016 00:00:00 +0530 Mon, 21 Nov 2016 13:50:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=334785 The appeal challenging the penalty under Section 271(1)(c) for advances on dormant contracts was dismissed. Both the CIT(A) and the Tribunal found that the advances were declared in subsequent assessment years before proceedings for the subject year commenced, indicating no concealment but a dispute over the taxable year. The explanation provided by the respondent clarified the taxability of income in later years, leading to the deletion of the penalty imposed by the Assessing Officer. The appeal did not raise substantial legal questions, resulting in no costs being imposed. Case-Laws Income Tax Tue, 15 Nov 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=334785