https://www.taxtmi.com/caselaws?id=240476 The court affirmed the Tribunal's decision to delete the penalty imposed under Section 271(1)(c) of the Income Tax Act for Assessment Year 1998-99. It held that the voluntary surrender of income by the assessee before the notice under Section 148 was issued demonstrated good faith and absolved the assessee from penalty. As the income was declared in the return filed in response to the notice, there was no concealment of income particulars justifying the penalty. The appeal was dismissed, upholding the Tribunal's decision and finding no legal infirmity in the order. en-us Wed, 19 Dec 2012 00:00:00 +0530 Tue, 03 Dec 2013 17:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=240476 The court affirmed the Tribunal's decision to delete the penalty imposed under Section 271(1)(c) of the Income Tax Act for Assessment Year 1998-99. It held that the voluntary surrender of income by the assessee before the notice under Section 148 was issued demonstrated good faith and absolved the assessee from penalty. As the income was declared in the return filed in response to the notice, there was no concealment of income particulars justifying the penalty. The appeal was dismissed, upholding the Tribunal's decision and finding no legal infirmity in the order. Case-Laws Income Tax Wed, 19 Dec 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=240476