https://www.taxtmi.com/caselaws?id=434004 The Income Tax Appellate Tribunal (ITAT) allowed the appeal of the assessee regarding the levy of penalty under section 271(1)(c) of the Income Tax Act for concealing income related to an unexplained investment in property. The ITAT found that the assessee had adequately explained and substantiated the source of the investment, which was supported by evidence. As there was no basis for the penalty and the particulars provided were not found to be false, the penalty of Rs. 7,10,597 was directed to be deleted. en-us Mon, 13 Feb 2023 00:00:00 +0530 Wed, 15 Feb 2023 08:54:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=434004 The Income Tax Appellate Tribunal (ITAT) allowed the appeal of the assessee regarding the levy of penalty under section 271(1)(c) of the Income Tax Act for concealing income related to an unexplained investment in property. The ITAT found that the assessee had adequately explained and substantiated the source of the investment, which was supported by evidence. As there was no basis for the penalty and the particulars provided were not found to be false, the penalty of Rs. 7,10,597 was directed to be deleted. Case-Laws Income Tax Mon, 13 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=434004