https://www.taxtmi.com/caselaws?id=258168 The court held that the penalty under Section 271(1)(c) of the Income-tax Act was not justified for the assessment years 2005-06 and 2007-08. The voluntary disclosure of income, absence of mens rea, and reliance on favorable judicial precedents and CBDT circulars favored the assessee. Consequently, the penalty orders were set aside, and both appeals were allowed. en-us Fri, 22 Feb 2013 00:00:00 +0530 Wed, 10 Apr 2019 11:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=258168 The court held that the penalty under Section 271(1)(c) of the Income-tax Act was not justified for the assessment years 2005-06 and 2007-08. The voluntary disclosure of income, absence of mens rea, and reliance on favorable judicial precedents and CBDT circulars favored the assessee. Consequently, the penalty orders were set aside, and both appeals were allowed. Case-Laws Income Tax Fri, 22 Feb 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=258168