https://www.taxtmi.com/caselaws?id=16060 The High Court dismissed the challenge to the penalty under section 271(1)(c) of the Income-tax Act, 1961. The Court upheld the Tribunal's decision to delete the penalty imposed by the Assessing Officer, as it found no evidence of concealment by the assessee. The Court agreed with the Tribunal that the surrender in the revised return did not warrant a penalty, as the availability of cash was supported by book entries and sales correspondence. The Court held that the Revenue failed to substantiate its claims, and the Tribunal did not err in deleting the penalty. en-us Wed, 11 Aug 1999 00:00:00 +0530 Mon, 31 Aug 2009 17:26:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16060 The High Court dismissed the challenge to the penalty under section 271(1)(c) of the Income-tax Act, 1961. The Court upheld the Tribunal's decision to delete the penalty imposed by the Assessing Officer, as it found no evidence of concealment by the assessee. The Court agreed with the Tribunal that the surrender in the revised return did not warrant a penalty, as the availability of cash was supported by book entries and sales correspondence. The Court held that the Revenue failed to substantiate its claims, and the Tribunal did not err in deleting the penalty. Case-Laws Income Tax Wed, 11 Aug 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16060