https://www.taxtmi.com/caselaws?id=344319 The Income Tax Appellate Tribunal (ITAT) allowed the Revenue's appeal, reinstating the penalty under section 271(1)(c) of the Income Tax Act for alleged concealment of income during the assessment year 2013-14. The ITAT held that the Commissioner of Income Tax (Appeals) (CIT(A)) erred in canceling the penalty, emphasizing that the Assessing Officer (AO) had recorded satisfaction of concealment. The case was remitted back to the CIT(A) for a decision on the appeal based on merits. en-us Fri, 26 May 2017 00:00:00 +0530 Thu, 15 Jun 2017 08:04:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=344319 The Income Tax Appellate Tribunal (ITAT) allowed the Revenue's appeal, reinstating the penalty under section 271(1)(c) of the Income Tax Act for alleged concealment of income during the assessment year 2013-14. The ITAT held that the Commissioner of Income Tax (Appeals) (CIT(A)) erred in canceling the penalty, emphasizing that the Assessing Officer (AO) had recorded satisfaction of concealment. The case was remitted back to the CIT(A) for a decision on the appeal based on merits. Case-Laws Income Tax Fri, 26 May 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=344319