https://www.taxtmi.com/caselaws?id=403510 The Tribunal allowed the appeals, directing the Assessing Officer to delete the penalties imposed under section 18(1)(c) for all the assessment years. The Tribunal emphasized the need for the authority to exercise discretion in penalty imposition based on the circumstances of each case, highlighting that the deeming fiction of concealment should not override bonafide explanations and compliance with tax obligations upon notice. en-us Wed, 20 Jan 2021 00:00:00 +0530 Thu, 28 Jan 2021 12:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=403510 The Tribunal allowed the appeals, directing the Assessing Officer to delete the penalties imposed under section 18(1)(c) for all the assessment years. The Tribunal emphasized the need for the authority to exercise discretion in penalty imposition based on the circumstances of each case, highlighting that the deeming fiction of concealment should not override bonafide explanations and compliance with tax obligations upon notice. Case-Laws Wealth-tax Wed, 20 Jan 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=403510