https://www.taxtmi.com/caselaws?id=376554 The Tribunal allowed the assessee's appeal, canceling the penalty under section 271(1)(c) for the assessment year 2010-2011. The Tribunal held that the penalty was not justified as no incriminating material was found during the search, and the addition to income was due to a deeming provision, not concealment. The assessing officer's acceptance of the return without mentioning any incriminating material indicated no concealment, leading to the cancellation of the penalty orders. en-us Fri, 08 Mar 2019 00:00:00 +0530 Tue, 12 Mar 2019 08:15:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=376554 The Tribunal allowed the assessee's appeal, canceling the penalty under section 271(1)(c) for the assessment year 2010-2011. The Tribunal held that the penalty was not justified as no incriminating material was found during the search, and the addition to income was due to a deeming provision, not concealment. The assessing officer's acceptance of the return without mentioning any incriminating material indicated no concealment, leading to the cancellation of the penalty orders. Case-Laws Income Tax Fri, 08 Mar 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=376554