https://www.taxtmi.com/caselaws?id=198380 The High Court, Bombay, through the ITAT, Mumbai 'I' Bench, ruled in favor of the appellant, allowing their appeal and dismissing the revenue's appeal. The Court emphasized the necessity of conscious concealment for penalty imposition, distinguishing penalty proceedings from assessment proceedings. It was found that the appellant's claim was made in good faith, supported by disclosed details, and concluded that the penalty was unwarranted based on the facts presented during the proceedings. en-us Fri, 01 Aug 2003 00:00:00 +0530 Tue, 30 Jan 2018 11:12:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=198380 The High Court, Bombay, through the ITAT, Mumbai 'I' Bench, ruled in favor of the appellant, allowing their appeal and dismissing the revenue's appeal. The Court emphasized the necessity of conscious concealment for penalty imposition, distinguishing penalty proceedings from assessment proceedings. It was found that the appellant's claim was made in good faith, supported by disclosed details, and concluded that the penalty was unwarranted based on the facts presented during the proceedings. Case-Laws Income Tax Fri, 01 Aug 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=198380