https://www.taxtmi.com/caselaws?id=282326 The Tribunal ruled in favor of the appellant, setting aside the penalty imposed under section 271(1)(c) of the IT Act. It held that the penalty was not sustainable as the disclosure of income in the revised return under section 153A negated any concealment. The Tribunal emphasized that the Assessing Officer's estimation basis for gross profit did not warrant penalty imposition. Consequently, the Tribunal deleted the penalty, highlighting the importance of assessing concealment based on the revised return post-search and seizure, ultimately allowing the appellant's appeal. en-us Thu, 17 May 2018 00:00:00 +0530 Sat, 03 Aug 2019 06:25:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=282326 The Tribunal ruled in favor of the appellant, setting aside the penalty imposed under section 271(1)(c) of the IT Act. It held that the penalty was not sustainable as the disclosure of income in the revised return under section 153A negated any concealment. The Tribunal emphasized that the Assessing Officer's estimation basis for gross profit did not warrant penalty imposition. Consequently, the Tribunal deleted the penalty, highlighting the importance of assessing concealment based on the revised return post-search and seizure, ultimately allowing the appellant's appeal. Case-Laws Income Tax Thu, 17 May 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=282326