https://www.taxtmi.com/caselaws?id=257770 The Tribunal allowed the assessee's appeal, deleting penalties under section 271(1)(c) for the addition of Rs. 225 crores and instalments received on the sale of houses/flats. Emphasizing that a bona fide claim, even if disallowed, does not automatically attract penalty, and complete disclosure of facts negates concealment charges, the Tribunal dismissed the Revenue's appeals. The Assessing Officer was granted liberty to reinitiate penalty proceedings after recomputing income based on the Tribunal's directions. en-us Wed, 26 Feb 2014 00:00:00 +0530 Mon, 23 Mar 2015 08:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=257770 The Tribunal allowed the assessee's appeal, deleting penalties under section 271(1)(c) for the addition of Rs. 225 crores and instalments received on the sale of houses/flats. Emphasizing that a bona fide claim, even if disallowed, does not automatically attract penalty, and complete disclosure of facts negates concealment charges, the Tribunal dismissed the Revenue's appeals. The Assessing Officer was granted liberty to reinitiate penalty proceedings after recomputing income based on the Tribunal's directions. Case-Laws Income Tax Wed, 26 Feb 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=257770