https://www.taxtmi.com/caselaws?id=210992 The Tribunal held that the cancellation of the penalty under Section 271(1)(c) by the CIT(A) was not justified. The revised return was deemed not voluntary but a result of the A.O.'s investigation and confrontation. The penalty was upheld as the assessee concealed income and furnished inaccurate particulars. The Tribunal distinguished the case from a Supreme Court judgment, emphasizing the lack of good faith in filing the revised return. The dissenting opinion supported upholding the penalty, leading to the final decision in favor of maintaining the penalty under Section 271(1)(c). en-us Mon, 18 Jul 2011 00:00:00 +0530 Tue, 28 Feb 2012 14:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=210992 The Tribunal held that the cancellation of the penalty under Section 271(1)(c) by the CIT(A) was not justified. The revised return was deemed not voluntary but a result of the A.O.'s investigation and confrontation. The penalty was upheld as the assessee concealed income and furnished inaccurate particulars. The Tribunal distinguished the case from a Supreme Court judgment, emphasizing the lack of good faith in filing the revised return. The dissenting opinion supported upholding the penalty, leading to the final decision in favor of maintaining the penalty under Section 271(1)(c). Case-Laws Income Tax Mon, 18 Jul 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=210992