https://www.taxtmi.com/caselaws?id=259663 The Tribunal held that no penalty should be imposed under Section 271(1)(c) of the Income Tax Act on the income voluntarily declared in the return. The penalty of Rs. 4,34,738 imposed on the assessee for alleged concealment of income was canceled. The appeal for Assessment Year 2007-08 was allowed in favor of the assessee. en-us Fri, 10 Apr 2015 00:00:00 +0530 Mon, 18 May 2015 07:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=259663 The Tribunal held that no penalty should be imposed under Section 271(1)(c) of the Income Tax Act on the income voluntarily declared in the return. The penalty of Rs. 4,34,738 imposed on the assessee for alleged concealment of income was canceled. The appeal for Assessment Year 2007-08 was allowed in favor of the assessee. Case-Laws Income Tax Fri, 10 Apr 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=259663