https://www.taxtmi.com/caselaws?id=257565 The Court upheld the deletion of a penalty under section 271(1)(c) of the Income Tax Act by the Appellate Tribunal. The Tribunal found that the assessee's revised return, disclosing additional income, was a bonafide disclosure made during assessment proceedings. The Court held that no concealment of income occurred, as the disclosure was voluntary and supported by justifications for the additional income provided by the assessee. The appeal by the Revenue was dismissed, as the lower authorities' findings on the bonafide disclosure were upheld, and no substantial question of law arose for consideration. en-us Mon, 16 Feb 2015 00:00:00 +0530 Sat, 07 Nov 2015 12:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=257565 The Court upheld the deletion of a penalty under section 271(1)(c) of the Income Tax Act by the Appellate Tribunal. The Tribunal found that the assessee's revised return, disclosing additional income, was a bonafide disclosure made during assessment proceedings. The Court held that no concealment of income occurred, as the disclosure was voluntary and supported by justifications for the additional income provided by the assessee. The appeal by the Revenue was dismissed, as the lower authorities' findings on the bonafide disclosure were upheld, and no substantial question of law arose for consideration. Case-Laws Income Tax Mon, 16 Feb 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=257565