https://www.taxtmi.com/caselaws?id=375912 The Tribunal allowed the appeal filed by the assessee, ordering the deletion of the penalty imposed by the Commissioner of Income Tax (Appeals) due to the deletion of the underlying quantum addition. The decision emphasized the importance of factual considerations in determining the sustainability of penalties for concealment under tax laws, citing legal precedents and contractual terms to support the appellant's position. The judgment underscores the necessity of a legal basis for levying penalties when the basis for the penalty has been deleted, ultimately leading to the deletion of the penalty in this case. en-us Mon, 25 Feb 2019 00:00:00 +0530 Wed, 27 Feb 2019 18:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=375912 The Tribunal allowed the appeal filed by the assessee, ordering the deletion of the penalty imposed by the Commissioner of Income Tax (Appeals) due to the deletion of the underlying quantum addition. The decision emphasized the importance of factual considerations in determining the sustainability of penalties for concealment under tax laws, citing legal precedents and contractual terms to support the appellant's position. The judgment underscores the necessity of a legal basis for levying penalties when the basis for the penalty has been deleted, ultimately leading to the deletion of the penalty in this case. Case-Laws Income Tax Mon, 25 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=375912