https://www.taxtmi.com/caselaws?id=418780 The Appellate Tribunal ITAT Delhi dismissed the Revenue's appeal, upholding the deletion of a penalty of Rs. 1,71,40,000 imposed under section 271(1)(c) of the Income Tax Act. The Tribunal found that the assessee had taken a plausible view regarding the taxability of ALV, leading to no concealment of income. Additionally, the Tribunal emphasized the necessity of clearly specifying the grounds for penalty proceedings, citing relevant case law. The appeal was ultimately dismissed, affirming the deletion of the penalty. en-us Tue, 22 Feb 2022 00:00:00 +0530 Wed, 23 Feb 2022 12:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=418780 The Appellate Tribunal ITAT Delhi dismissed the Revenue's appeal, upholding the deletion of a penalty of Rs. 1,71,40,000 imposed under section 271(1)(c) of the Income Tax Act. The Tribunal found that the assessee had taken a plausible view regarding the taxability of ALV, leading to no concealment of income. Additionally, the Tribunal emphasized the necessity of clearly specifying the grounds for penalty proceedings, citing relevant case law. The appeal was ultimately dismissed, affirming the deletion of the penalty. Case-Laws Income Tax Tue, 22 Feb 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=418780