https://www.taxtmi.com/caselaws?id=461816 The SC examined the levy of penalty under section 271(1)(c) of Income Tax Act. The Tribunal modified the AO's addition on a different ground, applying a gross profit rate. The SC held that since the addition was confirmed on grounds other than concealment of income, penalty was not leviable. The pendency of a substantial question of law before HC further supported deletion of penalty. The assessee's appeal was allowed, with the penalty of Rs. 9,18,673/- being set aside. en-us Fri, 21 Feb 2014 00:00:00 +0530 Tue, 29 Apr 2025 17:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=461816 The SC examined the levy of penalty under section 271(1)(c) of Income Tax Act. The Tribunal modified the AO's addition on a different ground, applying a gross profit rate. The SC held that since the addition was confirmed on grounds other than concealment of income, penalty was not leviable. The pendency of a substantial question of law before HC further supported deletion of penalty. The assessee's appeal was allowed, with the penalty of Rs. 9,18,673/- being set aside. Case-Laws Income Tax Fri, 21 Feb 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=461816