https://www.taxtmi.com/caselaws?id=289921 The Revenue's appeal against the cancellation of a penalty under section 271(1)(c) of the I.T. Act was dismissed by the Tribunal. The penalty was imposed based on an addition made under section 50C of the I.T. Act regarding the sale of an industrial plot. The Tribunal found that the assessee had disclosed all relevant details, and there was no concrete evidence of concealment or inaccurate particulars. As a result, the penalty imposition was deemed unjustified, and the cancellation of the penalty was upheld. en-us Thu, 23 Nov 2017 00:00:00 +0530 Sun, 30 Aug 2020 13:28:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=289921 The Revenue's appeal against the cancellation of a penalty under section 271(1)(c) of the I.T. Act was dismissed by the Tribunal. The penalty was imposed based on an addition made under section 50C of the I.T. Act regarding the sale of an industrial plot. The Tribunal found that the assessee had disclosed all relevant details, and there was no concrete evidence of concealment or inaccurate particulars. As a result, the penalty imposition was deemed unjustified, and the cancellation of the penalty was upheld. Case-Laws Income Tax Thu, 23 Nov 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=289921