https://www.taxtmi.com/caselaws?id=57534 The Tribunal upheld the CIT(Appeals) decision to cancel the penalty under section 271(1)(c), finding that the evidence did not independently prove concealment of income. The Tribunal emphasized that the assessee's revised returns under the Amnesty Scheme did not absolve the concealment in the original return. It concluded that the penalty for concealment was unwarranted in this case, as the Assessing Officer's rejection of the burning loss claim was not conclusive, and quantitative discrepancies were reconciled. The departmental appeal was dismissed, affirming the cancellation of the penalty. en-us Mon, 10 Feb 1997 00:00:00 +0530 Fri, 10 Dec 2010 16:39:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=57534 The Tribunal upheld the CIT(Appeals) decision to cancel the penalty under section 271(1)(c), finding that the evidence did not independently prove concealment of income. The Tribunal emphasized that the assessee's revised returns under the Amnesty Scheme did not absolve the concealment in the original return. It concluded that the penalty for concealment was unwarranted in this case, as the Assessing Officer's rejection of the burning loss claim was not conclusive, and quantitative discrepancies were reconciled. The departmental appeal was dismissed, affirming the cancellation of the penalty. Case-Laws Income Tax Mon, 10 Feb 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=57534