https://www.taxtmi.com/caselaws?id=253118 The Tribunal reinstated the penalty imposed under Section 271(1)(c) of the Income Tax Act on the assessee for failure to disclose income arising from the sale of commercial rights. The Tribunal held that the claim for exemption was not bona fide, as the assessee did not fully disclose the transaction details, leading to the imposition of the penalty. The Revenue's appeal was allowed, and the penalty was reinstated. en-us Wed, 12 Nov 2014 00:00:00 +0530 Sat, 15 Nov 2014 15:00:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=253118 The Tribunal reinstated the penalty imposed under Section 271(1)(c) of the Income Tax Act on the assessee for failure to disclose income arising from the sale of commercial rights. The Tribunal held that the claim for exemption was not bona fide, as the assessee did not fully disclose the transaction details, leading to the imposition of the penalty. The Revenue's appeal was allowed, and the penalty was reinstated. Case-Laws Income Tax Wed, 12 Nov 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=253118