https://www.taxtmi.com/caselaws?id=71050 The Appellate Tribunal ITAT Patna deleted the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961, finding that the assessee's actions did not amount to deliberate concealment of income. The Tribunal emphasized that the reassessment was initiated by the assessee's voluntary disclosure of an inadvertent mistake in the original return, indicating a lack of intent to evade tax obligations. The Tribunal dismissed the Revenue's appeal, upholding the deletion of the penalty and ruling in favor of the assessee. en-us Tue, 07 Jul 1981 00:00:00 +0530 Thu, 21 Apr 2011 11:14:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71050 The Appellate Tribunal ITAT Patna deleted the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961, finding that the assessee's actions did not amount to deliberate concealment of income. The Tribunal emphasized that the reassessment was initiated by the assessee's voluntary disclosure of an inadvertent mistake in the original return, indicating a lack of intent to evade tax obligations. The Tribunal dismissed the Revenue's appeal, upholding the deletion of the penalty and ruling in favor of the assessee. Case-Laws Income Tax Tue, 07 Jul 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71050