https://www.taxtmi.com/caselaws?id=377241 The Tribunal dismissed the revenue's appeal, affirming the CIT(A)'s order to cancel the penalty under Section 271(1)(c) of the Income Tax Act. The Tribunal concluded that the penalty was not justified as the income was already declared in the original return, and there was no incriminating material found during the search to substantiate the concealment of income. The Tribunal's decision was based on a thorough examination of the facts, relevant legal provisions, and judicial precedents. en-us Fri, 22 Mar 2019 00:00:00 +0530 Thu, 09 May 2019 17:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=377241 The Tribunal dismissed the revenue's appeal, affirming the CIT(A)'s order to cancel the penalty under Section 271(1)(c) of the Income Tax Act. The Tribunal concluded that the penalty was not justified as the income was already declared in the original return, and there was no incriminating material found during the search to substantiate the concealment of income. The Tribunal's decision was based on a thorough examination of the facts, relevant legal provisions, and judicial precedents. Case-Laws Income Tax Fri, 22 Mar 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=377241