https://www.taxtmi.com/caselaws?id=304185 The Tribunal upheld the CIT (A)'s decision to delete the concealment penalty imposed on the assessee for non-disclosure of income from ESOP shares. It was determined that the Assessing Officer did not have the jurisdiction to initiate penalty proceedings as the power to impose penalty lay with the Commissioner who made the addition. Additionally, the CIT (A) found the assessee's belief regarding the taxability of the income from ESOP shares to be genuine and bonafide, citing relevant case law. Consequently, the appeal by the Department was dismissed, affirming the CIT (A)'s order. en-us Fri, 10 May 2013 00:00:00 +0530 Mon, 12 Sep 2022 18:17:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=304185 The Tribunal upheld the CIT (A)'s decision to delete the concealment penalty imposed on the assessee for non-disclosure of income from ESOP shares. It was determined that the Assessing Officer did not have the jurisdiction to initiate penalty proceedings as the power to impose penalty lay with the Commissioner who made the addition. Additionally, the CIT (A) found the assessee's belief regarding the taxability of the income from ESOP shares to be genuine and bonafide, citing relevant case law. Consequently, the appeal by the Department was dismissed, affirming the CIT (A)'s order. Case-Laws Income Tax Fri, 10 May 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=304185