https://www.taxtmi.com/caselaws?id=205411 The Tribunal upheld the CIT(A)'s decision canceling the penalty under section 271(1)(c) of the Income Tax Act. It emphasized that if the disclosed amount is included in the return of income, it cannot be considered as concealed or inaccurately furnished. The Tribunal highlighted that penalty proceedings cannot be solely based on survey findings but must be linked to statutory proceedings like assessment. As the AO did not make significant additions to the returned income, the penalty was deemed unjustified. The Revenue's appeal was dismissed. en-us Fri, 06 Aug 2010 00:00:00 +0530 Wed, 08 Aug 2012 17:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=205411 The Tribunal upheld the CIT(A)'s decision canceling the penalty under section 271(1)(c) of the Income Tax Act. It emphasized that if the disclosed amount is included in the return of income, it cannot be considered as concealed or inaccurately furnished. The Tribunal highlighted that penalty proceedings cannot be solely based on survey findings but must be linked to statutory proceedings like assessment. As the AO did not make significant additions to the returned income, the penalty was deemed unjustified. The Revenue's appeal was dismissed. Case-Laws Income Tax Fri, 06 Aug 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=205411