https://www.taxtmi.com/caselaws?id=374725 The Tribunal dismissed the Revenue's appeal and upheld the CIT(A)'s decision to delete the penalty imposed under section 271(1)(c) for alleged income concealment. The Tribunal emphasized that since the additional income disclosed during the survey was included in the return and accepted by the Assessing Officer, there was no concealment warranting a penalty. It was highlighted that penalty provisions should be strictly construed, requiring clear evidence of concealment or non-disclosure for imposition. The decision was based on precedents emphasizing the necessity of actual concealment for penalty imposition, ultimately leading to the dismissal of the Revenue's appeal on February 1, 2019. en-us Fri, 01 Feb 2019 00:00:00 +0530 Fri, 08 Feb 2019 06:30:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=374725 The Tribunal dismissed the Revenue's appeal and upheld the CIT(A)'s decision to delete the penalty imposed under section 271(1)(c) for alleged income concealment. The Tribunal emphasized that since the additional income disclosed during the survey was included in the return and accepted by the Assessing Officer, there was no concealment warranting a penalty. It was highlighted that penalty provisions should be strictly construed, requiring clear evidence of concealment or non-disclosure for imposition. The decision was based on precedents emphasizing the necessity of actual concealment for penalty imposition, ultimately leading to the dismissal of the Revenue's appeal on February 1, 2019. Case-Laws Income Tax Fri, 01 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=374725