https://www.taxtmi.com/caselaws?id=220574 ITAT, Mumbai set aside penalty under section 271(1)(c), holding it not exigible. The assessee had disclosed unrealized export proceeds in the return, supported by the audit report and Form 56, and subsequently realized substantial proceeds which were communicated to the AO before assessment finalization. Given adequate initial disclosure, subsequent realization and consistent treatment in the following year, the Tribunal found no culpable conduct and revoked the penalty in favour of the assessee. en-us Wed, 09 Jan 2013 00:00:00 +0530 Mon, 27 Oct 2025 17:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=220574 ITAT, Mumbai set aside penalty under section 271(1)(c), holding it not exigible. The assessee had disclosed unrealized export proceeds in the return, supported by the audit report and Form 56, and subsequently realized substantial proceeds which were communicated to the AO before assessment finalization. Given adequate initial disclosure, subsequent realization and consistent treatment in the following year, the Tribunal found no culpable conduct and revoked the penalty in favour of the assessee. Case-Laws Income Tax Wed, 09 Jan 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=220574