https://www.taxtmi.com/caselaws?id=281765 The Delhi HC held that no substantial question of law arose from the Revenue's challenge to deletion of penalty for alleged concealment of income and underpayment of tax. The Tribunal had deleted the penalty after noting that, in the quantum proceedings, the assessee accepted the transfer pricing adjustment based on an adopted cost-plus mark-up. On those facts, there was no material showing a deliberate attempt to conceal income or evade tax, and the Tribunal was justified in upholding the Commissioner (Appeals)'s order. The Revenue's appeal therefore failed, and the penalty deletion stood affirmed. en-us Mon, 24 Apr 2017 00:00:00 +0530 Thu, 04 Aug 2022 18:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=281765 The Delhi HC held that no substantial question of law arose from the Revenue's challenge to deletion of penalty for alleged concealment of income and underpayment of tax. The Tribunal had deleted the penalty after noting that, in the quantum proceedings, the assessee accepted the transfer pricing adjustment based on an adopted cost-plus mark-up. On those facts, there was no material showing a deliberate attempt to conceal income or evade tax, and the Tribunal was justified in upholding the Commissioner (Appeals)'s order. The Revenue's appeal therefore failed, and the penalty deletion stood affirmed. Case-Laws Income Tax Mon, 24 Apr 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=281765