2017 (2) TMI 866 - SCH - Income Tax

Penalty u/s 271(1)(c) - Assessee had filed its returns under Section 115JB - Held that - HC order confirmed 2016 (9) TMI 297 - DELHI HIGH COURT . ITAT in this case correctly concluded that the question of concealment had been finally determined in the quantum proceedings and furthermore the SCN was not time-barred. Yet, it proceeded to affirm the CIT(A) s directions to delete the penalty order. There was no concealment of any material particulars in respect of that part of the return. The concealment found was in respect of normal computation. That the normal computation involved certain disallowances at later and higher stages of the proceedings at the first appellate and the ITAT s proceedings reflect the unfortunate circumstances of the litigating parties. That would not in any manner deviate from the fact as to whether the AO could have assumed, on the basis of the opinion that there was concealment of income which led to revenue loss.