https://www.taxtmi.com/caselaws?id=370904 The tribunal upheld the deletion of a penalty imposed under section 271(1)(c) of the Act, citing disallowances and losses. The penalty was deleted based on a decision of the Hon'ble Delhi High Court. The revenue's appeal against the deletion of the penalty on an amount in the computation of book profit under section 115JB of the Act was dismissed by the tribunal, following precedents and a CBDT circular. The tribunal concluded that the penalty did not involve concealment of income leading to tax evasion, leading to the dismissal of both the revenue's appeal and the assessee's cross objection. en-us Tue, 23 Oct 2018 00:00:00 +0530 Mon, 26 Nov 2018 07:58:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=370904 The tribunal upheld the deletion of a penalty imposed under section 271(1)(c) of the Act, citing disallowances and losses. The penalty was deleted based on a decision of the Hon'ble Delhi High Court. The revenue's appeal against the deletion of the penalty on an amount in the computation of book profit under section 115JB of the Act was dismissed by the tribunal, following precedents and a CBDT circular. The tribunal concluded that the penalty did not involve concealment of income leading to tax evasion, leading to the dismissal of both the revenue's appeal and the assessee's cross objection. Case-Laws Income Tax Tue, 23 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=370904