https://www.taxtmi.com/caselaws?id=266487 The Supreme Court upheld the Tribunal's decision to set aside the penalty imposed under section 271(1)(c) of the Income Tax Act. The Court emphasized that voluntary disclosure does not absolve an assessee from penalty if concealment is proven. As no undisclosed income was detected during the survey, and the assessee voluntarily declared the income in the revised return accepted by the Assessing Officer, the Tribunal found no evidence of concealment or inaccurate particulars, leading to the penalty's dismissal. The appeal challenging the penalty was dismissed as no substantial question of law arose for interference. en-us Mon, 28 Sep 2015 00:00:00 +0530 Wed, 21 Oct 2015 09:46:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=266487 The Supreme Court upheld the Tribunal's decision to set aside the penalty imposed under section 271(1)(c) of the Income Tax Act. The Court emphasized that voluntary disclosure does not absolve an assessee from penalty if concealment is proven. As no undisclosed income was detected during the survey, and the assessee voluntarily declared the income in the revised return accepted by the Assessing Officer, the Tribunal found no evidence of concealment or inaccurate particulars, leading to the penalty's dismissal. The appeal challenging the penalty was dismissed as no substantial question of law arose for interference. Case-Laws Income Tax Mon, 28 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=266487