https://www.taxtmi.com/caselaws?id=261439 The ITAT Mumbai ruled in favor of the assessee, canceling the penalty of &8377; 34,917 imposed under section 271(1)(c) for the assessment year 2008-2009. The ITAT found that the assessee rectified the omission of rental income voluntarily during assessment proceedings without compulsion from the AO, indicating no intention to conceal income. The absence of specific queries from the AO before the revised return filing further supported the conclusion that the penalty was unwarranted. Consequently, the penalty was revoked, and the assessee's appeal was allowed. en-us Fri, 13 Mar 2015 00:00:00 +0530 Mon, 13 Jul 2015 06:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=261439 The ITAT Mumbai ruled in favor of the assessee, canceling the penalty of &8377; 34,917 imposed under section 271(1)(c) for the assessment year 2008-2009. The ITAT found that the assessee rectified the omission of rental income voluntarily during assessment proceedings without compulsion from the AO, indicating no intention to conceal income. The absence of specific queries from the AO before the revised return filing further supported the conclusion that the penalty was unwarranted. Consequently, the penalty was revoked, and the assessee's appeal was allowed. Case-Laws Income Tax Fri, 13 Mar 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=261439