https://www.taxtmi.com/caselaws?id=211241 The Tribunal was justified in deleting the penalty under Section 271(1)(c) of the Income Tax Act, 1961. The appellant's initial declaration of income as long-term capital gains from tenancy rights was disallowed by the assessing officer, leading to penalty proceedings. The penalty was reduced by the Commissioner of Income Tax (Appeals) but upheld by the Tribunal. The court found that the appellant's declaration of income source was incorrect, justifying the penalty under Section 271(1)(c). The appeal was dismissed, affirming the penalty imposition. en-us Thu, 22 Sep 2011 00:00:00 +0530 Thu, 01 Mar 2012 11:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=211241 The Tribunal was justified in deleting the penalty under Section 271(1)(c) of the Income Tax Act, 1961. The appellant's initial declaration of income as long-term capital gains from tenancy rights was disallowed by the assessing officer, leading to penalty proceedings. The penalty was reduced by the Commissioner of Income Tax (Appeals) but upheld by the Tribunal. The court found that the appellant's declaration of income source was incorrect, justifying the penalty under Section 271(1)(c). The appeal was dismissed, affirming the penalty imposition. Case-Laws Income Tax Thu, 22 Sep 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=211241