https://www.taxtmi.com/caselaws?id=426497 The ITAT allowed the appeal of the assessee, setting aside the penalty imposed under section 271(1)(C) of the Income Tax Act, 1961. The decision emphasized the necessity of detailed investigations and corroborative evidence to establish concealment of income before imposing penalties. The ITAT found that the authorities failed to conduct proper verification, leading to the deletion of the addition and granting complete relief to the assessee in the quantum proceedings. en-us Fri, 22 Jul 2022 00:00:00 +0530 Thu, 18 Aug 2022 08:17:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=426497 The ITAT allowed the appeal of the assessee, setting aside the penalty imposed under section 271(1)(C) of the Income Tax Act, 1961. The decision emphasized the necessity of detailed investigations and corroborative evidence to establish concealment of income before imposing penalties. The ITAT found that the authorities failed to conduct proper verification, leading to the deletion of the addition and granting complete relief to the assessee in the quantum proceedings. Case-Laws Income Tax Fri, 22 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=426497