1976 (1) TMI 75 - AT - Income Tax

Summary

The revenue's appeal against the cancellation of penalty u/s. 271(1)(c) of the Income Tax Act, 1961 was dismissed by the Appellate Tribunal ITAT Pune. The Appellate Asstt. Commissioner found that the Income Tax Officer did not prove that the amount represented the assessee's income and was concealed. The Tribunal upheld the Commissioner's decision, stating that there was no concealment of income by the assessee.