https://www.taxtmi.com/caselaws?id=249993 The Tribunal upheld the Commissioner of Income Tax (Appeals)' decision to delete the penalty imposed under section 271(1)(c) of the Income Tax Act. It ruled in favor of the assessee, stating that the disclosure of additional income was voluntary and not an attempt to conceal income. The Tribunal emphasized the importance of bona fide disclosures during assessment proceedings and found no error in the decision to delete the penalty. The appeal of the revenue was dismissed, following the precedent set by previous decisions. en-us Mon, 30 Jun 2014 00:00:00 +0530 Wed, 30 Jul 2014 07:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=249993 The Tribunal upheld the Commissioner of Income Tax (Appeals)' decision to delete the penalty imposed under section 271(1)(c) of the Income Tax Act. It ruled in favor of the assessee, stating that the disclosure of additional income was voluntary and not an attempt to conceal income. The Tribunal emphasized the importance of bona fide disclosures during assessment proceedings and found no error in the decision to delete the penalty. The appeal of the revenue was dismissed, following the precedent set by previous decisions. Case-Laws Income Tax Mon, 30 Jun 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=249993