https://www.taxtmi.com/caselaws?id=263464 The Tribunal upheld the CIT(A)'s decision, ruling that the penalty under Section 271(1)(c) of the Income Tax Act was not justified. It was determined that the voluntary disclosure of additional income by the assessee during a survey did not amount to concealment of income. The Tribunal emphasized that penalty provisions require clear evidence of concealment or furnishing inaccurate particulars of income, which was lacking in this case. As a result, the penalty of Rs. 10 Lakhs imposed by the Assessing Officer was deleted, and the Revenue's appeal was dismissed. en-us Fri, 21 Aug 2015 00:00:00 +0530 Thu, 03 Sep 2015 07:46:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=263464 The Tribunal upheld the CIT(A)'s decision, ruling that the penalty under Section 271(1)(c) of the Income Tax Act was not justified. It was determined that the voluntary disclosure of additional income by the assessee during a survey did not amount to concealment of income. The Tribunal emphasized that penalty provisions require clear evidence of concealment or furnishing inaccurate particulars of income, which was lacking in this case. As a result, the penalty of Rs. 10 Lakhs imposed by the Assessing Officer was deleted, and the Revenue's appeal was dismissed. Case-Laws Income Tax Fri, 21 Aug 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=263464