https://www.taxtmi.com/caselaws?id=793161 A concealment penalty under section 271(1)(c) cannot survive where the substantive quantum addition forming its sole foundation is deleted. The penalty here was based on an enhancement treating part of the alleged bogus trading loss as commission income, but that enhancement rested on the disallowance of the trading loss. Once the trading loss disallowance was deleted in the assessee's quantum appeal, the foundation for the penalty disappeared, and the penalty was quashed. en-us Wed, 13 May 2026 00:00:00 +0530 Wed, 10 Jun 2026 07:26:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=793161 A concealment penalty under section 271(1)(c) cannot survive where the substantive quantum addition forming its sole foundation is deleted. The penalty here was based on an enhancement treating part of the alleged bogus trading loss as commission income, but that enhancement rested on the disallowance of the trading loss. Once the trading loss disallowance was deleted in the assessee's quantum appeal, the foundation for the penalty disappeared, and the penalty was quashed. Case-Laws Income Tax Wed, 13 May 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=793161