https://www.taxtmi.com/caselaws?id=376484 The Tribunal allowed the appeal, canceling the penalty imposed under section 271(1)(c) of the IT Act. The decision was based on the lack of evidence supporting the concealment of income or furnishing inaccurate particulars of income. The Tribunal emphasized the need for concrete evidence before imposing penalties for tax evasion, following the legal precedent set by the Hon'ble Supreme Court in Reliance Petro Products Pvt. Ltd. en-us Thu, 28 Feb 2019 00:00:00 +0530 Mon, 11 Mar 2019 06:44:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=376484 The Tribunal allowed the appeal, canceling the penalty imposed under section 271(1)(c) of the IT Act. The decision was based on the lack of evidence supporting the concealment of income or furnishing inaccurate particulars of income. The Tribunal emphasized the need for concrete evidence before imposing penalties for tax evasion, following the legal precedent set by the Hon'ble Supreme Court in Reliance Petro Products Pvt. Ltd. Case-Laws Income Tax Thu, 28 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=376484