https://www.taxtmi.com/caselaws?id=215050 The Tribunal ruled in favor of the assessee, directing the deletion of penalties imposed under section 271(1)(c) of the I.T. Act for assessment years 2001-02 & 02-03. The Tribunal found that penalties were not warranted as additional income was disclosed in response to notice u/s 153A, and there was no concealment or inaccurate particulars in the returns filed. Relying on a precedent clarifying the inapplicability of penalties in such cases, the Tribunal accepted the assessee's appeals and ordered the penalties to be deleted for both assessment years. en-us Fri, 25 May 2012 00:00:00 +0530 Thu, 19 Jul 2012 18:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=215050 The Tribunal ruled in favor of the assessee, directing the deletion of penalties imposed under section 271(1)(c) of the I.T. Act for assessment years 2001-02 & 02-03. The Tribunal found that penalties were not warranted as additional income was disclosed in response to notice u/s 153A, and there was no concealment or inaccurate particulars in the returns filed. Relying on a precedent clarifying the inapplicability of penalties in such cases, the Tribunal accepted the assessee's appeals and ordered the penalties to be deleted for both assessment years. Case-Laws Income Tax Fri, 25 May 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=215050