https://www.taxtmi.com/caselaws?id=191984 The Tribunal dismissed the Revenue's appeal, affirming the cancellation of a penalty under section 271(1)(c) of the Income-tax Act, 1961. The case involved concealment of income from capital gains arising from a land transfer agreement for the assessment year 2007-08. The appellant's disclosure of material facts, bonafide explanation, and unresolved disputes led to the cancellation of the penalty. The Tribunal upheld the CIT(A)'s decision, citing previous judgments favoring the assessee and emphasizing the lack of justification for the penalty imposition in this case. en-us Tue, 08 Sep 2015 00:00:00 +0530 Mon, 08 May 2017 10:55:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=191984 The Tribunal dismissed the Revenue's appeal, affirming the cancellation of a penalty under section 271(1)(c) of the Income-tax Act, 1961. The case involved concealment of income from capital gains arising from a land transfer agreement for the assessment year 2007-08. The appellant's disclosure of material facts, bonafide explanation, and unresolved disputes led to the cancellation of the penalty. The Tribunal upheld the CIT(A)'s decision, citing previous judgments favoring the assessee and emphasizing the lack of justification for the penalty imposition in this case. Case-Laws Income Tax Tue, 08 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=191984