https://www.taxtmi.com/caselaws?id=341738 The Tribunal allowed the appeals of the assessee for Assessment Years 1987-88, 1988-89, and 1989-90, deleting the penalties under Section 271(1)(c) of the Income Tax Act. The Tribunal found that penalties could not be sustained due to the lack of clear evidence of concealment and the debatable nature of the issues. The penalties levied by the Assessing Officer and confirmed by the Commissioner of Income Tax (Appeals) were all deleted. en-us Wed, 15 Mar 2017 00:00:00 +0530 Mon, 17 Apr 2017 08:49:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=341738 The Tribunal allowed the appeals of the assessee for Assessment Years 1987-88, 1988-89, and 1989-90, deleting the penalties under Section 271(1)(c) of the Income Tax Act. The Tribunal found that penalties could not be sustained due to the lack of clear evidence of concealment and the debatable nature of the issues. The penalties levied by the Assessing Officer and confirmed by the Commissioner of Income Tax (Appeals) were all deleted. Case-Laws Income Tax Wed, 15 Mar 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=341738