https://www.taxtmi.com/caselaws?id=282364 The penalty imposed under section 271(1)(c) of the Income Tax Act was deleted by the CIT(A) and upheld by the Appellate Tribunal. The penalty of Rs. 35,38,348/- was initially imposed for the concealment of income by the assessee, a Director of a company, in relation to a loan transaction. The CIT(A) found that the assessee acted in good faith, promptly disclosed the income upon being informed by the Assessing Officer, and had paid all tax dues. The Tribunal upheld the decision, emphasizing the need for fairness in penalty imposition and the complexity of tax laws. en-us Thu, 31 Jan 2013 00:00:00 +0530 Mon, 05 Aug 2019 12:24:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=282364 The penalty imposed under section 271(1)(c) of the Income Tax Act was deleted by the CIT(A) and upheld by the Appellate Tribunal. The penalty of Rs. 35,38,348/- was initially imposed for the concealment of income by the assessee, a Director of a company, in relation to a loan transaction. The CIT(A) found that the assessee acted in good faith, promptly disclosed the income upon being informed by the Assessing Officer, and had paid all tax dues. The Tribunal upheld the decision, emphasizing the need for fairness in penalty imposition and the complexity of tax laws. Case-Laws Income Tax Thu, 31 Jan 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=282364