https://www.taxtmi.com/caselaws?id=352479 The Tribunal upheld the Ld.CIT(A)'s decision to delete the penalty imposed under sections 37(4) and 40A(5) of the Income Tax Act, 1961. The penalty was deemed time-barred under section 275(1) of the IT Act as it was imposed after the final order of the ITAT. The Tribunal found no concealment of income by the appellant, quashing the penalty. Despite the revenue's challenge, the Tribunal affirmed the deletion of the penalty based on legal principles, dismissing the appeal and supporting the Ld.CIT(A)'s findings. en-us Wed, 13 Dec 2017 00:00:00 +0530 Fri, 15 Dec 2017 08:39:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=352479 The Tribunal upheld the Ld.CIT(A)'s decision to delete the penalty imposed under sections 37(4) and 40A(5) of the Income Tax Act, 1961. The penalty was deemed time-barred under section 275(1) of the IT Act as it was imposed after the final order of the ITAT. The Tribunal found no concealment of income by the appellant, quashing the penalty. Despite the revenue's challenge, the Tribunal affirmed the deletion of the penalty based on legal principles, dismissing the appeal and supporting the Ld.CIT(A)'s findings. Case-Laws Income Tax Wed, 13 Dec 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=352479