https://www.taxtmi.com/caselaws?id=374174 The Tribunal revoked the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961, amounting to Rs. 51,690 for concealment of income. The Tribunal found that the failure to include certain income in the original return did not signify intentional concealment, as the transactions were recorded in the books of account. Emphasizing the absence of fraudulent intent, the Tribunal deemed the penalty unwarranted and directed the Assessing Officer to delete it, ultimately allowing the appeal of the assessee. en-us Tue, 22 Jan 2019 00:00:00 +0530 Mon, 28 Jan 2019 07:48:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=374174 The Tribunal revoked the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961, amounting to Rs. 51,690 for concealment of income. The Tribunal found that the failure to include certain income in the original return did not signify intentional concealment, as the transactions were recorded in the books of account. Emphasizing the absence of fraudulent intent, the Tribunal deemed the penalty unwarranted and directed the Assessing Officer to delete it, ultimately allowing the appeal of the assessee. Case-Laws Income Tax Tue, 22 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=374174