https://www.taxtmi.com/caselaws?id=375909 The Tribunal allowed the appeals against penalties imposed under section 271(1)(c) of the IT Act for concealment of income. The CIT(A)'s decision upholding the penalties was overturned due to lack of clear grounds for penalty initiation and failure to specify reasons for non-disclosure. The Tribunal emphasized the necessity of clearly stating the basis for penalty imposition, citing procedural lapses. Relying on precedents, the Tribunal canceled the penalties, deeming them unsustainable. The decisions were rendered on 25.02.2019, concluding that the penalties lacked clarity and did not meet legal requirements. en-us Mon, 25 Feb 2019 00:00:00 +0530 Thu, 28 Feb 2019 06:39:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=375909 The Tribunal allowed the appeals against penalties imposed under section 271(1)(c) of the IT Act for concealment of income. The CIT(A)'s decision upholding the penalties was overturned due to lack of clear grounds for penalty initiation and failure to specify reasons for non-disclosure. The Tribunal emphasized the necessity of clearly stating the basis for penalty imposition, citing procedural lapses. Relying on precedents, the Tribunal canceled the penalties, deeming them unsustainable. The decisions were rendered on 25.02.2019, concluding that the penalties lacked clarity and did not meet legal requirements. Case-Laws Income Tax Mon, 25 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=375909