https://www.taxtmi.com/caselaws?id=241753 The High Court dismissed the Income Tax Appeal challenging the deletion of penalty under Section 271(1)(c) of the Income Tax Act, 1961. The Tribunal's decision to cancel the penalty was upheld, emphasizing the bonafide nature of the assessee's disclosure of additional income before detection by the assessing authority. The Court reiterated that penalties under Section 271(1)(c) require concealment or furnishing inaccurate particulars, which were not established in this case, leading to the dismissal of the appeal. en-us Thu, 13 Sep 2012 00:00:00 +0530 Tue, 31 Dec 2013 11:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=241753 The High Court dismissed the Income Tax Appeal challenging the deletion of penalty under Section 271(1)(c) of the Income Tax Act, 1961. The Tribunal's decision to cancel the penalty was upheld, emphasizing the bonafide nature of the assessee's disclosure of additional income before detection by the assessing authority. The Court reiterated that penalties under Section 271(1)(c) require concealment or furnishing inaccurate particulars, which were not established in this case, leading to the dismissal of the appeal. Case-Laws Income Tax Thu, 13 Sep 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=241753