https://www.taxtmi.com/caselaws?id=246114 The Appellate Tribunal set aside the penalty imposed under section 271(1)(c) for alleged concealment of income by the assessee. The Tribunal considered the bonafide intention of the assessee in not offering the disputed amount as income until a final decision was reached, citing legal precedents to support their position. Emphasizing that incomplete rights to receive income are not taxable until conclusiveness is achieved, the Tribunal ruled in favor of the assessee, finding no concealment or furnishing of inaccurate particulars of income. The judgment underscores the significance of disclosing details and adhering to legal principles in tax matters. en-us Thu, 10 Apr 2014 00:00:00 +0530 Thu, 17 Apr 2014 06:23:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=246114 The Appellate Tribunal set aside the penalty imposed under section 271(1)(c) for alleged concealment of income by the assessee. The Tribunal considered the bonafide intention of the assessee in not offering the disputed amount as income until a final decision was reached, citing legal precedents to support their position. Emphasizing that incomplete rights to receive income are not taxable until conclusiveness is achieved, the Tribunal ruled in favor of the assessee, finding no concealment or furnishing of inaccurate particulars of income. The judgment underscores the significance of disclosing details and adhering to legal principles in tax matters. Case-Laws Income Tax Thu, 10 Apr 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=246114