https://www.taxtmi.com/caselaws?id=216322 The Tribunal upheld the CIT(A)'s decision to cancel the penalty of Rs. 10,77,190/- under Section 271(1)(c) for nondisclosure of capital gains. It found that the assessee voluntarily disclosed the additional income, distinguishing penalty proceedings from assessment proceedings. The Tribunal also allowed the full deduction of interest claimed by the assessee and emphasized the importance of consistent tax treatment in assessing rental income discrepancies. Additionally, it ruled that the voluntary disclosure of additional income during assessment proceedings did not indicate concealment. The Revenue's appeal was dismissed. en-us Fri, 31 Aug 2012 00:00:00 +0530 Fri, 08 Apr 2016 10:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=216322 The Tribunal upheld the CIT(A)'s decision to cancel the penalty of Rs. 10,77,190/- under Section 271(1)(c) for nondisclosure of capital gains. It found that the assessee voluntarily disclosed the additional income, distinguishing penalty proceedings from assessment proceedings. The Tribunal also allowed the full deduction of interest claimed by the assessee and emphasized the importance of consistent tax treatment in assessing rental income discrepancies. Additionally, it ruled that the voluntary disclosure of additional income during assessment proceedings did not indicate concealment. The Revenue's appeal was dismissed. Case-Laws Income Tax Fri, 31 Aug 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=216322