https://www.taxtmi.com/caselaws?id=71844 The Tribunal found no justification for the penalties under Section 271(1)(c) of the Income Tax Act, 1961, and deleted them, allowing the appeals. It concluded that the assessee acted bona fide in voluntarily filing revised returns, with no intention to conceal income. The Tribunal held that the Department's possession of the seized diary meant there was no new information concealed by the assessee, leading to the penalties being unwarranted. en-us Fri, 09 Mar 2001 00:00:00 +0530 Wed, 27 Apr 2011 13:44:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71844 The Tribunal found no justification for the penalties under Section 271(1)(c) of the Income Tax Act, 1961, and deleted them, allowing the appeals. It concluded that the assessee acted bona fide in voluntarily filing revised returns, with no intention to conceal income. The Tribunal held that the Department's possession of the seized diary meant there was no new information concealed by the assessee, leading to the penalties being unwarranted. Case-Laws Income Tax Fri, 09 Mar 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71844