https://www.taxtmi.com/caselaws?id=378063 The Tribunal dismissed the Revenue's appeal, ruling that the penalty imposed under normal provisions was not justified when the tax liability was determined under special provisions of Section 115JB of the Income Tax Act. The Tribunal found merit in the assessee's argument that no concealment could be established under s. 271(1)(c) in such circumstances. As a result, the penalty of Rs. 54,70,000 was directed to be deleted by the Assessing Officer. en-us Thu, 28 Feb 2019 00:00:00 +0530 Sat, 06 Apr 2019 11:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=378063 The Tribunal dismissed the Revenue's appeal, ruling that the penalty imposed under normal provisions was not justified when the tax liability was determined under special provisions of Section 115JB of the Income Tax Act. The Tribunal found merit in the assessee's argument that no concealment could be established under s. 271(1)(c) in such circumstances. As a result, the penalty of Rs. 54,70,000 was directed to be deleted by the Assessing Officer. Case-Laws Income Tax Thu, 28 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=378063