https://www.taxtmi.com/caselaws?id=420096 The Tribunal dismissed the Revenue's appeal regarding the penalty under section 271(1)(c) of the Income Tax Act for AY 2008-09. The penalty was deleted by the CIT(A) as the assessee, a Government company, had not concealed income particulars, and the AO's disallowance was incorrect. The Tribunal relied on Board Circular No. 25/2015, stating the penalty was not maintainable due to the tax provisions. The appeal was dismissed, emphasizing the binding nature of the Circular on tax authorities. en-us Wed, 23 Mar 2022 00:00:00 +0530 Sat, 26 Mar 2022 09:00:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=420096 The Tribunal dismissed the Revenue's appeal regarding the penalty under section 271(1)(c) of the Income Tax Act for AY 2008-09. The penalty was deleted by the CIT(A) as the assessee, a Government company, had not concealed income particulars, and the AO's disallowance was incorrect. The Tribunal relied on Board Circular No. 25/2015, stating the penalty was not maintainable due to the tax provisions. The appeal was dismissed, emphasizing the binding nature of the Circular on tax authorities. Case-Laws Income Tax Wed, 23 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=420096