https://www.taxtmi.com/caselaws?id=234977 The Revenue's appeals against penalties imposed under section 271(1)(c) for AY 2006-07 and AY 2003-04 were dismissed. The CIT(A) ruled in favor of the assessee, holding that the conditions for immunity under Explanation 5(2) to section 271(1)(c) were met as there was willingness to disclose income and pay tax. Citing precedents, the ITAT upheld the deletion of penalties, emphasizing substantial compliance with the requirements for immunity. The consistent application of legal provisions and judicial decisions led to the affirmation of penalty deletion for the relevant assessment years. en-us Tue, 30 Apr 2013 00:00:00 +0530 Sat, 06 Jul 2013 07:57:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=234977 The Revenue's appeals against penalties imposed under section 271(1)(c) for AY 2006-07 and AY 2003-04 were dismissed. The CIT(A) ruled in favor of the assessee, holding that the conditions for immunity under Explanation 5(2) to section 271(1)(c) were met as there was willingness to disclose income and pay tax. Citing precedents, the ITAT upheld the deletion of penalties, emphasizing substantial compliance with the requirements for immunity. The consistent application of legal provisions and judicial decisions led to the affirmation of penalty deletion for the relevant assessment years. Case-Laws Income Tax Tue, 30 Apr 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=234977