https://www.taxtmi.com/caselaws?id=261043 The Tribunal concluded that the penalty under section 271(1)(c) was not justified as the Assessing Officer did not clearly establish concealment or furnishing inaccurate particulars of income. The reassessment was deemed unnecessary as the information was available during the original assessment, and the surrender of Rs. 50 lacs was made in good faith to avoid litigation. Consequently, the penalty imposed by the Assessing Officer and upheld by the Commissioner of Income Tax (Appeals) was deleted, and the assessee's appeal was successful. en-us Mon, 22 Jun 2015 00:00:00 +0530 Wed, 01 Jul 2015 06:46:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=261043 The Tribunal concluded that the penalty under section 271(1)(c) was not justified as the Assessing Officer did not clearly establish concealment or furnishing inaccurate particulars of income. The reassessment was deemed unnecessary as the information was available during the original assessment, and the surrender of Rs. 50 lacs was made in good faith to avoid litigation. Consequently, the penalty imposed by the Assessing Officer and upheld by the Commissioner of Income Tax (Appeals) was deleted, and the assessee's appeal was successful. Case-Laws Income Tax Mon, 22 Jun 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=261043