https://www.taxtmi.com/caselaws?id=376784 The Tribunal upheld the decision of the Ld. CIT(A) to delete the penalty of Rs. 52,32,068/- imposed by the AO under section 271(1)(c) of the Act. The Tribunal emphasized that a mere change in the head of income from business to house property does not constitute concealment of income. It was held that penalty is not attracted when there is no inaccurate information provided by the assessee, as supported by relevant case laws. The Revenue's appeal was dismissed, affirming the deletion of the penalty. en-us Wed, 13 Mar 2019 00:00:00 +0530 Fri, 15 Mar 2019 11:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=376784 The Tribunal upheld the decision of the Ld. CIT(A) to delete the penalty of Rs. 52,32,068/- imposed by the AO under section 271(1)(c) of the Act. The Tribunal emphasized that a mere change in the head of income from business to house property does not constitute concealment of income. It was held that penalty is not attracted when there is no inaccurate information provided by the assessee, as supported by relevant case laws. The Revenue's appeal was dismissed, affirming the deletion of the penalty. Case-Laws Income Tax Wed, 13 Mar 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=376784