https://www.taxtmi.com/caselaws?id=151698 The ITAT Mumbai ruled in favor of the assessee, canceling the penalty imposed under section 271(1)(c) for concealment of income or filing inaccurate particulars of income. The tribunal found that the penalty was not justified as the additional income was voluntarily disclosed by the assessee, meeting the conditions of Explanation 5 to section 271(1)(c). The ITAT emphasized that the assessee should have been given a personal opportunity to address concerns raised by the Assessing Officer, leading to the cancellation of the penalty and allowing the appeal in favor of the assessee. en-us Wed, 05 Mar 2008 00:00:00 +0530 Thu, 13 Jun 2013 09:23:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=151698 The ITAT Mumbai ruled in favor of the assessee, canceling the penalty imposed under section 271(1)(c) for concealment of income or filing inaccurate particulars of income. The tribunal found that the penalty was not justified as the additional income was voluntarily disclosed by the assessee, meeting the conditions of Explanation 5 to section 271(1)(c). The ITAT emphasized that the assessee should have been given a personal opportunity to address concerns raised by the Assessing Officer, leading to the cancellation of the penalty and allowing the appeal in favor of the assessee. Case-Laws Income Tax Wed, 05 Mar 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=151698