1981 (1) TMI 107 - AT - Income Tax

Summary

The ITAT Calcutta-B upheld the cancellation of a penalty of Rs. 5,500 imposed under s. 271(1)(c) of the IT Act. The penalty was cancelled because there was a dispute regarding the inclusion of income from a residential property, and the non-disclosure of this income was not considered concealment. The Departmental appeal was dismissed.