https://www.taxtmi.com/caselaws?id=12749 Penalty for concealment under the Income-tax Act cannot be sustained once the foundational addition in quantum proceedings is deleted, because the basis for levy disappears. The document states that an unexplained investment was initially assessed and penalty was imposed for concealment, but the appellate authority deleted the penalty after the corresponding quantum addition was removed. The settled principle applied is that penalty cannot survive without the underlying addition, and the conclusion is in favour of the assessee. en-us Thu, 06 Sep 2001 00:00:00 +0530 Thu, 21 May 2009 17:32:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12749 Penalty for concealment under the Income-tax Act cannot be sustained once the foundational addition in quantum proceedings is deleted, because the basis for levy disappears. The document states that an unexplained investment was initially assessed and penalty was imposed for concealment, but the appellate authority deleted the penalty after the corresponding quantum addition was removed. The settled principle applied is that penalty cannot survive without the underlying addition, and the conclusion is in favour of the assessee. Case-Laws Income Tax Thu, 06 Sep 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12749