https://www.taxtmi.com/caselaws?id=59600 The Tribunal reduced the penalty imposed under s. 271(1)(c) of the IT Act from 200% to 100% after finding that there was no conscious concealment of income by the assessee. The dispute arose from the disallowance of depreciation claimed on imported cars used for hire charges and airport duty. The Tribunal emphasized the distinction between penalty and assessment proceedings, highlighting the importance of honest conduct by the assessee in penalty imposition. As a result, the Tribunal allowed the assessee's appeal and dismissed the Revenue's appeal, concluding that the penalty was not justified. en-us Wed, 08 Jan 2003 00:00:00 +0530 Fri, 31 Dec 2010 10:42:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59600 The Tribunal reduced the penalty imposed under s. 271(1)(c) of the IT Act from 200% to 100% after finding that there was no conscious concealment of income by the assessee. The dispute arose from the disallowance of depreciation claimed on imported cars used for hire charges and airport duty. The Tribunal emphasized the distinction between penalty and assessment proceedings, highlighting the importance of honest conduct by the assessee in penalty imposition. As a result, the Tribunal allowed the assessee's appeal and dismissed the Revenue's appeal, concluding that the penalty was not justified. Case-Laws Income Tax Wed, 08 Jan 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59600