https://www.taxtmi.com/caselaws?id=237259 The Tribunal ruled in favor of the assessee, holding that the penalty under section 271(1)(c) of the Income-tax Act for concealment of income was not justified. It found that the revised return was filed voluntarily and in good faith, based on professional advice, before any adverse material was discovered by the Department. As a result, the Tribunal allowed the appeals of the assessees and deleted the penalties in all three cases. en-us Fri, 12 Oct 2012 00:00:00 +0530 Thu, 31 Mar 2016 16:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=237259 The Tribunal ruled in favor of the assessee, holding that the penalty under section 271(1)(c) of the Income-tax Act for concealment of income was not justified. It found that the revised return was filed voluntarily and in good faith, based on professional advice, before any adverse material was discovered by the Department. As a result, the Tribunal allowed the appeals of the assessees and deleted the penalties in all three cases. Case-Laws Income Tax Fri, 12 Oct 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=237259