https://www.taxtmi.com/caselaws?id=56667 The Appellate Tribunal overturned the penalty imposition under section 271(1)(c) of the Income-tax Act, 1961. The Tribunal held that the assessee's agreement to the addition of Rs. 35,000 did not imply consent to penalty proceedings or admission of concealment. It emphasized that the addition was made to cover possible leakages and not due to concealment of income. The Tribunal found that the facts did not support the Income Tax Officer's contention of concealment, leading to the deletion of the penalty. en-us Sat, 07 Jan 1984 00:00:00 +0530 Mon, 06 Dec 2010 12:00:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56667 The Appellate Tribunal overturned the penalty imposition under section 271(1)(c) of the Income-tax Act, 1961. The Tribunal held that the assessee's agreement to the addition of Rs. 35,000 did not imply consent to penalty proceedings or admission of concealment. It emphasized that the addition was made to cover possible leakages and not due to concealment of income. The Tribunal found that the facts did not support the Income Tax Officer's contention of concealment, leading to the deletion of the penalty. Case-Laws Income Tax Sat, 07 Jan 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56667