https://www.taxtmi.com/caselaws?id=285345 The Tribunal upheld the CIT (A)'s decision to delete the penalty of Rs. 51,49,485 imposed under section 271(1)(c) for concealment of income for the assessment year 2011-12. The Tribunal found that the inadvertent omission of income in the return, despite payment of tax on the surrendered income, did not constitute concealment or furnishing inaccurate particulars. The explanation provided by the assessee fell under Explanation-2 to section 271(1)(c), indicating no deliberate intent to conceal income. As a result, the appeal by the revenue was dismissed, affirming the deletion of the penalty. en-us Tue, 07 Aug 2018 00:00:00 +0530 Thu, 09 Jan 2020 09:35:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=285345 The Tribunal upheld the CIT (A)'s decision to delete the penalty of Rs. 51,49,485 imposed under section 271(1)(c) for concealment of income for the assessment year 2011-12. The Tribunal found that the inadvertent omission of income in the return, despite payment of tax on the surrendered income, did not constitute concealment or furnishing inaccurate particulars. The explanation provided by the assessee fell under Explanation-2 to section 271(1)(c), indicating no deliberate intent to conceal income. As a result, the appeal by the revenue was dismissed, affirming the deletion of the penalty. Case-Laws Income Tax Tue, 07 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=285345