https://www.taxtmi.com/caselaws?id=395923 The Tribunal canceled the concealment penalty imposed under section 271(1)(c) of the Income Tax Act for the assessment year 2013-14 on interest earned on income tax refund. The firm's penalty was revoked as it was deemed that the error in not disclosing the interest income was not intentional but possibly due to carelessness, considering the firm's history of diligent tax payments and lack of willful intent to conceal income. The decision, similar to a precedent case, emphasized that penalties should not be imposed merely because they are lawful, leading to the firm's successful appeal and penalty cancellation. en-us Thu, 11 Jun 2020 00:00:00 +0530 Sat, 13 Jun 2020 11:19:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=395923 The Tribunal canceled the concealment penalty imposed under section 271(1)(c) of the Income Tax Act for the assessment year 2013-14 on interest earned on income tax refund. The firm's penalty was revoked as it was deemed that the error in not disclosing the interest income was not intentional but possibly due to carelessness, considering the firm's history of diligent tax payments and lack of willful intent to conceal income. The decision, similar to a precedent case, emphasized that penalties should not be imposed merely because they are lawful, leading to the firm's successful appeal and penalty cancellation. Case-Laws Income Tax Thu, 11 Jun 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=395923