https://www.taxtmi.com/caselaws?id=394635 The Tribunal upheld the decision of the Commissioner of Income Tax (Appeals) to delete penalties imposed under section 271(1)(c) for assessment years 2005-06, 2006-07, and 2007-08. It was determined that there was no concealment of income or furnishing of inaccurate particulars by the assessee, and penalties cannot be levied solely based on additions/disallowances, especially when there is no evidence of concealment. The Tribunal dismissed the Revenue's appeals, affirming that penalties were rightly deleted for the mentioned assessment years. en-us Fri, 07 Feb 2020 00:00:00 +0530 Sat, 18 Apr 2020 15:25:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=394635 The Tribunal upheld the decision of the Commissioner of Income Tax (Appeals) to delete penalties imposed under section 271(1)(c) for assessment years 2005-06, 2006-07, and 2007-08. It was determined that there was no concealment of income or furnishing of inaccurate particulars by the assessee, and penalties cannot be levied solely based on additions/disallowances, especially when there is no evidence of concealment. The Tribunal dismissed the Revenue's appeals, affirming that penalties were rightly deleted for the mentioned assessment years. Case-Laws Income Tax Fri, 07 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=394635