https://www.taxtmi.com/caselaws?id=56840 The Tribunal ruled in favor of the assessee, overturning the penalty of Rs. 5,00,000 imposed under section 271(1)(c) of the Income-tax Act for the assessment year 1988-89. The Tribunal found that the assessee consistently disclosed the undisclosed income, and the taxes were paid, negating the charge of concealment. It held that the CIT (Appeals) could not alter the basis for the penalty set by the Assessing Officer and ultimately deleted the penalty, allowing the appeal. en-us Thu, 28 Nov 1996 00:00:00 +0530 Mon, 06 Dec 2010 19:02:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56840 The Tribunal ruled in favor of the assessee, overturning the penalty of Rs. 5,00,000 imposed under section 271(1)(c) of the Income-tax Act for the assessment year 1988-89. The Tribunal found that the assessee consistently disclosed the undisclosed income, and the taxes were paid, negating the charge of concealment. It held that the CIT (Appeals) could not alter the basis for the penalty set by the Assessing Officer and ultimately deleted the penalty, allowing the appeal. Case-Laws Income Tax Thu, 28 Nov 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56840