https://www.taxtmi.com/caselaws?id=254506 The Tribunal affirmed the deletion of penalty under Section 271(1)(c) of the Income Tax Act, 1961 for an assessee who voluntarily surrendered a gift amount as income after two years. The Commissioner of Income Tax (Appeals) and Tribunal found the revised computation and voluntary tax deposit indicated an agreed addition rather than deliberate concealment. The Tribunal upheld the voluntary surrender, dismissing the Revenue's interpretation questions and emphasizing the lack of evidence for penalty initiation due to failure in proving the donor's identity, creditworthiness, and transaction genuineness. en-us Mon, 24 Nov 2014 00:00:00 +0530 Wed, 24 Dec 2014 22:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=254506 The Tribunal affirmed the deletion of penalty under Section 271(1)(c) of the Income Tax Act, 1961 for an assessee who voluntarily surrendered a gift amount as income after two years. The Commissioner of Income Tax (Appeals) and Tribunal found the revised computation and voluntary tax deposit indicated an agreed addition rather than deliberate concealment. The Tribunal upheld the voluntary surrender, dismissing the Revenue's interpretation questions and emphasizing the lack of evidence for penalty initiation due to failure in proving the donor's identity, creditworthiness, and transaction genuineness. Case-Laws Income Tax Mon, 24 Nov 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=254506