https://www.taxtmi.com/caselaws?id=435430 The Tribunal allowed the appeal, ruling in favor of deleting the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961 for the assessment year 2012-13. The Tribunal found that the return filed by the assessee included the income earned from share transfers, accepted without alteration, and emphasized the absence of intentional concealment or inaccurate reporting of income. Citing legal precedents, the Tribunal directed the deletion of the penalty amount, following judgments where penalties were set aside due to insufficient evidence of deliberate concealment. en-us Tue, 07 Mar 2023 00:00:00 +0530 Sat, 18 Mar 2023 14:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=435430 The Tribunal allowed the appeal, ruling in favor of deleting the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961 for the assessment year 2012-13. The Tribunal found that the return filed by the assessee included the income earned from share transfers, accepted without alteration, and emphasized the absence of intentional concealment or inaccurate reporting of income. Citing legal precedents, the Tribunal directed the deletion of the penalty amount, following judgments where penalties were set aside due to insufficient evidence of deliberate concealment. Case-Laws Income Tax Tue, 07 Mar 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=435430