https://www.taxtmi.com/caselaws?id=264743 The Tribunal canceled the penalty imposed under section 271(1)(c) of the Income Tax Act for the assessment year 2010-11. The assessee voluntarily disclosed additional income during assessment proceedings, which was not detected by authorities, indicating a bona fide mistake rather than deliberate concealment. Citing legal precedents and the circumstances of the case, the Tribunal found no grounds for the penalty and allowed the appeal of the assessee, overturning the decisions of the Assessing Officer and the CIT (Appeals). en-us Fri, 31 Jul 2015 00:00:00 +0530 Thu, 01 Oct 2015 11:56:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=264743 The Tribunal canceled the penalty imposed under section 271(1)(c) of the Income Tax Act for the assessment year 2010-11. The assessee voluntarily disclosed additional income during assessment proceedings, which was not detected by authorities, indicating a bona fide mistake rather than deliberate concealment. Citing legal precedents and the circumstances of the case, the Tribunal found no grounds for the penalty and allowed the appeal of the assessee, overturning the decisions of the Assessing Officer and the CIT (Appeals). Case-Laws Income Tax Fri, 31 Jul 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=264743