https://www.taxtmi.com/caselaws?id=289951 The Tribunal allowed the assessee's appeal, setting aside the penalty orders under section 271(1)(c) of the I.T. Act for the A.Y. 2014-2015. Emphasizing the importance of disclosing all relevant facts and the lack of concrete evidence supporting concealment, the Tribunal ruled in favor of the assessee. The decision aligned with the Kolkata High Court ruling, highlighting the necessity of evidence before imposing penalties. The penalty was canceled due to the invalidity of the show cause notice and the absence of positive evidence justifying concealment, making it not a suitable case for penalty imposition. en-us Wed, 11 Jul 2018 00:00:00 +0530 Tue, 01 Sep 2020 10:26:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=289951 The Tribunal allowed the assessee's appeal, setting aside the penalty orders under section 271(1)(c) of the I.T. Act for the A.Y. 2014-2015. Emphasizing the importance of disclosing all relevant facts and the lack of concrete evidence supporting concealment, the Tribunal ruled in favor of the assessee. The decision aligned with the Kolkata High Court ruling, highlighting the necessity of evidence before imposing penalties. The penalty was canceled due to the invalidity of the show cause notice and the absence of positive evidence justifying concealment, making it not a suitable case for penalty imposition. Case-Laws Income Tax Wed, 11 Jul 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=289951