https://www.taxtmi.com/caselaws?id=456677 The HC upheld the Tribunal's decision to cancel the penalty imposed under Section 271(1)(c) of the IT Act on the Assessee, an orthopedic surgeon. The Revenue's appeal was dismissed as the Court found no evidence of willful or deliberate suppression of income in the revised return filed after undisclosed payments from M/s Apollo Hospitals Ltd. were revealed. The Court emphasized the need for a specific finding of intentional concealment for penalty imposition, aligning with precedents that require proof of willful non-disclosure. The ruling favored the Assessee due to the absence of substantial evidence of intentional income concealment. en-us Mon, 05 Jul 2010 00:00:00 +0530 Thu, 08 Aug 2024 10:34:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456677 The HC upheld the Tribunal's decision to cancel the penalty imposed under Section 271(1)(c) of the IT Act on the Assessee, an orthopedic surgeon. The Revenue's appeal was dismissed as the Court found no evidence of willful or deliberate suppression of income in the revised return filed after undisclosed payments from M/s Apollo Hospitals Ltd. were revealed. The Court emphasized the need for a specific finding of intentional concealment for penalty imposition, aligning with precedents that require proof of willful non-disclosure. The ruling favored the Assessee due to the absence of substantial evidence of intentional income concealment. Case-Laws Income Tax Mon, 05 Jul 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456677