Section 271(1)(c) penalty cannot be levied if concealment of income not proven

CIT (International Taxation) Vs Gracemac Corporation (Delhi High Court) This Court is in agreement with the opinion of the Tribunal that Section 271(1)(c) penalty can only be levied in such cases where concealment of income has been proven. If the quantum order itself has been set aside in an appeal preferred by the respondent/assessee, there is no question of penalty being levied. FULL TEXT OF THE JUDGMENT/ORDER OF DELHI HIGH COURT 1. Present appeal has been filed challenging the order dated 16 November, 2020 passed by Delhi Bench of the ITAT (hereinafter ‘Tribunal’) in ITA No.947/Del/2...