https://www.taxtmi.com/caselaws?id=354301 The Tribunal dismissed the penalty appeal against the deletion of penalty for concealed income based on the reversal of the quantum addition and lack of substantive evidence. The High Court upheld the Tribunal's decision, emphasizing the necessity of foundational facts in supporting revenue presumptions. The final decision maintained the deletion of the penalty by the Ld. CIT(A), as the addition was no longer sustained. The appeal was rejected due to the absence of material evidence, highlighting the significance of factual support in tax penalty cases. en-us Wed, 17 Jan 2018 00:00:00 +0530 Tue, 23 Jan 2018 08:58:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=354301 The Tribunal dismissed the penalty appeal against the deletion of penalty for concealed income based on the reversal of the quantum addition and lack of substantive evidence. The High Court upheld the Tribunal's decision, emphasizing the necessity of foundational facts in supporting revenue presumptions. The final decision maintained the deletion of the penalty by the Ld. CIT(A), as the addition was no longer sustained. The appeal was rejected due to the absence of material evidence, highlighting the significance of factual support in tax penalty cases. Case-Laws Income Tax Wed, 17 Jan 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=354301