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of <h1>Penalty Deletion Upheld: Late Filing of Revised Returns Not Willful Non-Disclosure, Revenue Appeals Dismissed.</h1> The ITAT Chennai upheld the deletion of penalty under sec. 271(1)(c) of the Income-tax Act, 1961, for the assessee. The Tribunal determined that the late ... - The Appellate Tribunal ITAT Chennai upheld the deletion of penalty under sec. 271(1)(c) of the Income-tax Act, 1961 for the assessee as similar cases were decided in favor of the assessee previously. The Tribunal found that filing revised returns after the time limit prescribed under sec. 139(5) of the Act did not make a difference as the returns were regularized by the Department and no willful non-disclosure of income was found. The CIT(A) was justified in deleting the penalty, and the appeals of the Revenue were dismissed on 18-08-2010.
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