https://www.taxtmi.com/caselaws?id=250111 The appeal was filed by the Revenue against the CIT(A) order imposing a penalty under section 271(1)(c) of the Act. The CIT(A) allowed the appeal of the assessee, stating that penalty for concealment of income is not applicable for voluntary disclosure during assessment proceedings. The Tribunal upheld the CIT(A) order, emphasizing the need to establish deliberate concealment before imposing penalties and highlighting that surrendering income voluntarily does not automatically lead to penalties unless there is evidence of intention to hide income. The judgment focused on interpreting "concealment" in the context of penalties under the Act. en-us Fri, 25 Jul 2014 00:00:00 +0530 Mon, 04 Aug 2014 10:42:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=250111 The appeal was filed by the Revenue against the CIT(A) order imposing a penalty under section 271(1)(c) of the Act. The CIT(A) allowed the appeal of the assessee, stating that penalty for concealment of income is not applicable for voluntary disclosure during assessment proceedings. The Tribunal upheld the CIT(A) order, emphasizing the need to establish deliberate concealment before imposing penalties and highlighting that surrendering income voluntarily does not automatically lead to penalties unless there is evidence of intention to hide income. The judgment focused on interpreting "concealment" in the context of penalties under the Act. Case-Laws Income Tax Fri, 25 Jul 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=250111