https://www.taxtmi.com/caselaws?id=250325 The Tribunal dismissed the revenue's appeal, affirming the CIT(A)'s decision to delete the penalty imposed under Section 271(1)(c) of the Income Tax Act, 1961. The ruling emphasized that penalty should not be imposed based on surmises or conjectures and that strict interpretation is required. The Assessee's disclosure of the surrendered amount in the return filed before the due date negated the grounds for penalty, aligning with judicial precedents that penalty should not be levied if there is no difference between returned and assessed income. en-us Fri, 25 Jul 2014 00:00:00 +0530 Sat, 09 Aug 2014 08:03:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=250325 The Tribunal dismissed the revenue's appeal, affirming the CIT(A)'s decision to delete the penalty imposed under Section 271(1)(c) of the Income Tax Act, 1961. The ruling emphasized that penalty should not be imposed based on surmises or conjectures and that strict interpretation is required. The Assessee's disclosure of the surrendered amount in the return filed before the due date negated the grounds for penalty, aligning with judicial precedents that penalty should not be levied if there is no difference between returned and assessed income. Case-Laws Income Tax Fri, 25 Jul 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=250325