https://www.taxtmi.com/caselaws?id=302453 The Tribunal ruled in favor of the appellant, deleting the penalty imposed under section 271(1)(c) for Assessment Year 1992-93. The Tribunal found that there was no concrete finding of concealment of income by the Assessing Officer or CIT (A) and held that the penalty was not justified. Consequently, the penalty was deleted based on the Tribunal's order in the quantum proceedings, which directed the application of a lower G.P. rate. en-us Fri, 27 May 2011 00:00:00 +0530 Fri, 27 May 2022 16:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=302453 The Tribunal ruled in favor of the appellant, deleting the penalty imposed under section 271(1)(c) for Assessment Year 1992-93. The Tribunal found that there was no concrete finding of concealment of income by the Assessing Officer or CIT (A) and held that the penalty was not justified. Consequently, the penalty was deleted based on the Tribunal's order in the quantum proceedings, which directed the application of a lower G.P. rate. Case-Laws Income Tax Fri, 27 May 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=302453