https://www.taxtmi.com/caselaws?id=55454 The Tribunal set aside the Commissioner (A)'s order and canceled the penalty imposed under Section 271(1)(c) of the Income Tax Act. The Tribunal emphasized the quasi-criminal nature of penalty proceedings, requiring strict construction and conscious concealment. They found the penalty unjustified as it was based on assessment findings without converting deemed income into actual income. The Commissioner (A)'s conclusions were flawed as they misinterpreted the nature of the addition, leading to the appeal being allowed. en-us Fri, 20 Nov 1987 00:00:00 +0530 Sat, 27 Nov 2010 11:31:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55454 The Tribunal set aside the Commissioner (A)'s order and canceled the penalty imposed under Section 271(1)(c) of the Income Tax Act. The Tribunal emphasized the quasi-criminal nature of penalty proceedings, requiring strict construction and conscious concealment. They found the penalty unjustified as it was based on assessment findings without converting deemed income into actual income. The Commissioner (A)'s conclusions were flawed as they misinterpreted the nature of the addition, leading to the appeal being allowed. Case-Laws Income Tax Fri, 20 Nov 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55454