https://www.taxtmi.com/caselaws?id=215226 The Tribunal allowed the appeal, setting aside the order for levying penalty under section 271(1)(c) of the Income-tax Act. It was determined that the assessee's failure to include surrendered income in the initial return was inadvertent, not intentional concealment. The Tribunal emphasized that the entire surrendered amount was offered for tax during assessment proceedings, leading to the conclusion that the penalty was unjustified. Additionally, the request to add, delete, alter, or modify grounds of appeal was dismissed as no additional grounds were raised before the Tribunal. en-us Fri, 08 Jun 2012 00:00:00 +0530 Sat, 07 Jul 2012 13:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=215226 The Tribunal allowed the appeal, setting aside the order for levying penalty under section 271(1)(c) of the Income-tax Act. It was determined that the assessee's failure to include surrendered income in the initial return was inadvertent, not intentional concealment. The Tribunal emphasized that the entire surrendered amount was offered for tax during assessment proceedings, leading to the conclusion that the penalty was unjustified. Additionally, the request to add, delete, alter, or modify grounds of appeal was dismissed as no additional grounds were raised before the Tribunal. Case-Laws Income Tax Fri, 08 Jun 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=215226