Foundation for Levy of Penalty is on Addition made of Concealment of Income, No Penalty u/s 271(1)(c) imposable in the Absence of Addition: ITAT [Read Order]

By Taxscan Team - On November 2, 2022 10:34 am - 2 mins read
Penalty - Addition - Concealment - Income - Penalty - ITAT - TAXSCAN

Foundation for levy of penalty is on addition made of concealment of income, the Kolkata Bench of the Income Tax Appellate Tribunal (ITAT) has held that no penalty u/s 271(1)(c) of the Income Tax Act,1961 imposable in the absence of addition. Shri Anil Kumar Agrawal, FCA, appeared on behalf of the assessee and Shri Partha…

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