https://www.taxtmi.com/caselaws?id=241697 The Tribunal upheld the CIT (A)'s decision to delete the penalty imposed on the assessee under section 271(1)(c) of the IT Act for Assessment Year 2001-02. The department's appeal was dismissed as the revised computation declaring capital gains was voluntarily filed before detection of concealment, and no material was provided to support the penalty. The Tribunal emphasized that penalties cannot be imposed for bona fide mistakes and found no merit in the department's appeal, affirming the importance of voluntary income disclosure and assessing penalties under the IT Act. en-us Fri, 20 Dec 2013 00:00:00 +0530 Mon, 30 Dec 2013 08:59:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=241697 The Tribunal upheld the CIT (A)'s decision to delete the penalty imposed on the assessee under section 271(1)(c) of the IT Act for Assessment Year 2001-02. The department's appeal was dismissed as the revised computation declaring capital gains was voluntarily filed before detection of concealment, and no material was provided to support the penalty. The Tribunal emphasized that penalties cannot be imposed for bona fide mistakes and found no merit in the department's appeal, affirming the importance of voluntary income disclosure and assessing penalties under the IT Act. Case-Laws Income Tax Fri, 20 Dec 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=241697