https://www.taxtmi.com/caselaws?id=373510 The appeal focused on the validity of the penalty imposed under Section 271(1)(c) of the Income Tax Act for concealment of income. The CIT(A) initially canceled the penalty, but the ITAT upheld the penalty imposition of Rs. 27.15 lakhs, concluding that the concealment of income was established despite the assessee's retraction of the admission of additional income. The ITAT directed the AO to revise the penalty accordingly, partially allowing the revenue's appeal. The total income assessed for the relevant assessment year was reduced to Rs. 40,05,522/- from the initially assessed income of Rs. 1,69,05,785/- after the ITAT's order. en-us Fri, 11 Jan 2019 00:00:00 +0530 Tue, 15 Jan 2019 11:18:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=373510 The appeal focused on the validity of the penalty imposed under Section 271(1)(c) of the Income Tax Act for concealment of income. The CIT(A) initially canceled the penalty, but the ITAT upheld the penalty imposition of Rs. 27.15 lakhs, concluding that the concealment of income was established despite the assessee's retraction of the admission of additional income. The ITAT directed the AO to revise the penalty accordingly, partially allowing the revenue's appeal. The total income assessed for the relevant assessment year was reduced to Rs. 40,05,522/- from the initially assessed income of Rs. 1,69,05,785/- after the ITAT's order. Case-Laws Income Tax Fri, 11 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=373510