https://www.taxtmi.com/caselaws?id=34952 The Allahabad High Court ruled in favor of the assessee, holding that penalty imposition under section 271(1)(c) of the Income-tax Act, 1961 was not justified due to the absence of mens rea and clear intention for concealment of income. The court emphasized the importance of distinguishing between quantum and penalty proceedings, citing legal precedents, and concluded that the penalty was not sustainable without evidence of deliberate wrongdoing. As a result, the court upheld the Tribunal's decision to delete the penalty, favoring the assessee over the Revenue. en-us Thu, 07 Aug 2008 00:00:00 +0530 Sat, 14 Nov 2009 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=34952 The Allahabad High Court ruled in favor of the assessee, holding that penalty imposition under section 271(1)(c) of the Income-tax Act, 1961 was not justified due to the absence of mens rea and clear intention for concealment of income. The court emphasized the importance of distinguishing between quantum and penalty proceedings, citing legal precedents, and concluded that the penalty was not sustainable without evidence of deliberate wrongdoing. As a result, the court upheld the Tribunal's decision to delete the penalty, favoring the assessee over the Revenue. Case-Laws Income Tax Thu, 07 Aug 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=34952