https://www.taxtmi.com/caselaws?id=13222 The ITAT dismissed the appeal challenging the penalty under section 271(1)(c) of the Income Tax Act for the assessment year 1992-93. The Tribunal upheld the CIT(A)'s decision to set aside the penalty imposed by the AO. The Tribunal found that the disclosed income from the money-lending business did not constitute concealment, as per Explanation 5. Consequently, the penalty was deemed unwarranted, and the appeal was dismissed, affirming the CIT(A) and ITAT's decisions. en-us Sat, 03 Dec 2005 00:00:00 +0530 Mon, 01 Apr 2024 18:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=13222 The ITAT dismissed the appeal challenging the penalty under section 271(1)(c) of the Income Tax Act for the assessment year 1992-93. The Tribunal upheld the CIT(A)'s decision to set aside the penalty imposed by the AO. The Tribunal found that the disclosed income from the money-lending business did not constitute concealment, as per Explanation 5. Consequently, the penalty was deemed unwarranted, and the appeal was dismissed, affirming the CIT(A) and ITAT's decisions. Case-Laws Income Tax Sat, 03 Dec 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=13222