2002 (1) TMI 957 - AT - Income Tax

Summary

The Appellate Tribunal ITAT Delhi upheld the cancellation of a penalty of Rs. 47,452 under section 271(1)(c) of the Income-tax Act by the CIT(A) XI, New Delhi. The penalty was imposed due to deficiencies in the books of account, but the assessee surrendered Rs. 1 lakh to buy peace, not admitting concealment of income. The Tribunal cited a similar case where the penalty was disapproved, leading to the cancellation of the penalty in this case as well. The appeal by the revenue was dismissed.