https://www.taxtmi.com/caselaws?id=282283 The ITAT allowed the appeal, directing the deletion of the penalty imposed under section 271(1)(c) for the assessment year 2007-08. The ITAT held that the penalty was unjustified as the facts did not conclusively establish concealed income, emphasizing the consistent application of the percentage completion method by the assessee in previous years without penalty imposition. en-us Wed, 27 Jul 2016 00:00:00 +0530 Thu, 01 Aug 2019 05:52:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=282283 The ITAT allowed the appeal, directing the deletion of the penalty imposed under section 271(1)(c) for the assessment year 2007-08. The ITAT held that the penalty was unjustified as the facts did not conclusively establish concealed income, emphasizing the consistent application of the percentage completion method by the assessee in previous years without penalty imposition. Case-Laws Income Tax Wed, 27 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=282283