https://www.taxtmi.com/caselaws?id=239663 The High Court upheld the Tribunal's decision to delete the penalty under section 271(1)(c) of the Income Tax Act, 1961. The Tribunal found that the revised return filed by the assessee was accepted by the Assessing Authority, indicating no concealment of income. The Tribunal's decision was supported by the acceptance of the surrendered amount and the bonafide nature of the assessee's actions. The High Court concurred with the Tribunal's findings, emphasizing the absence of concealment and the compliance with legal precedents. en-us Thu, 06 Dec 2012 00:00:00 +0530 Tue, 19 Nov 2013 08:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=239663 The High Court upheld the Tribunal's decision to delete the penalty under section 271(1)(c) of the Income Tax Act, 1961. The Tribunal found that the revised return filed by the assessee was accepted by the Assessing Authority, indicating no concealment of income. The Tribunal's decision was supported by the acceptance of the surrendered amount and the bonafide nature of the assessee's actions. The High Court concurred with the Tribunal's findings, emphasizing the absence of concealment and the compliance with legal precedents. Case-Laws Income Tax Thu, 06 Dec 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=239663