https://www.taxtmi.com/caselaws?id=358771 The ITAT condoned the delay in filing the appeal due to a reasonable cause shown by the assessee and admitted the appeal for hearing. Regarding the penalty under section 271(1)(c) of the Income Tax Act, the ITAT ruled in favor of the assessee, finding that the disallowance of a deduction did not amount to concealment of income. The ITAT emphasized the proportionate deduction approach and the lack of evidence for deliberate concealment, leading to the deletion of the penalty. The decision highlighted the importance of evidence and fair application of penalties in income tax cases. en-us Tue, 17 Apr 2018 00:00:00 +0530 Wed, 18 Apr 2018 06:27:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=358771 The ITAT condoned the delay in filing the appeal due to a reasonable cause shown by the assessee and admitted the appeal for hearing. Regarding the penalty under section 271(1)(c) of the Income Tax Act, the ITAT ruled in favor of the assessee, finding that the disallowance of a deduction did not amount to concealment of income. The ITAT emphasized the proportionate deduction approach and the lack of evidence for deliberate concealment, leading to the deletion of the penalty. The decision highlighted the importance of evidence and fair application of penalties in income tax cases. Case-Laws Income Tax Tue, 17 Apr 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=358771