https://www.taxtmi.com/caselaws?id=355251 The court upheld the Commissioner's decision to set aside the penalty order imposed on the assessee for concealment of income, leading to the refund of the penalty amount. The Appellate Commissioner's dismissal of the appeal was overturned by the Tribunal, emphasizing the inclusion of long term capital gain in the gross income. The court found that the revisional authority appropriately exercised powers under section 264, noting the assessee's withdrawal of the appeal. It emphasized the importance of adhering to the revisional order and avoiding unnecessary parallel orders, ultimately disposing of the petition. en-us Mon, 05 Feb 2018 00:00:00 +0530 Thu, 20 Dec 2018 15:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=355251 The court upheld the Commissioner's decision to set aside the penalty order imposed on the assessee for concealment of income, leading to the refund of the penalty amount. The Appellate Commissioner's dismissal of the appeal was overturned by the Tribunal, emphasizing the inclusion of long term capital gain in the gross income. The court found that the revisional authority appropriately exercised powers under section 264, noting the assessee's withdrawal of the appeal. It emphasized the importance of adhering to the revisional order and avoiding unnecessary parallel orders, ultimately disposing of the petition. Case-Laws Income Tax Mon, 05 Feb 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=355251