https://www.taxtmi.com/caselaws?id=336701 The Tribunal set aside the penalty imposed under Section 271(1)(c) of the Income-tax Act, 1961, on the assessee for concealing income particulars. The Tribunal directed fresh adjudication by the CIT(A) to assess the reasonableness of the delay in filing the return, emphasizing the need for the assessee to provide evidence supporting claims of non-finalized accounts and financial difficulties. The matter was remanded for further examination, allowing the appeal for statistical purposes and requiring the assessee to substantiate explanations before the CIT(A). en-us Wed, 21 Dec 2016 00:00:00 +0530 Tue, 27 Dec 2016 19:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=336701 The Tribunal set aside the penalty imposed under Section 271(1)(c) of the Income-tax Act, 1961, on the assessee for concealing income particulars. The Tribunal directed fresh adjudication by the CIT(A) to assess the reasonableness of the delay in filing the return, emphasizing the need for the assessee to provide evidence supporting claims of non-finalized accounts and financial difficulties. The matter was remanded for further examination, allowing the appeal for statistical purposes and requiring the assessee to substantiate explanations before the CIT(A). Case-Laws Income Tax Wed, 21 Dec 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=336701