https://www.taxtmi.com/caselaws?id=267045 The Tribunal allowed the appeal of a partnership firm in the construction sector against the CIT(A)'s order confirming a penalty of Rs. 45.50 lakhs under section 271(1)(c) of the Income Tax Act for the assessment year 2009-10. The Tribunal held that since the undisclosed income was voluntarily declared in the revised return, accepted by the Assessing Officer without additions, and no incriminating material was found during the survey, the penalty was unjustified. The decision emphasized the absence of actual concealment or furnishing of inaccurate particulars, leading to the deletion of the penalty. en-us Fri, 20 Feb 2015 00:00:00 +0530 Tue, 27 Oct 2015 09:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=267045 The Tribunal allowed the appeal of a partnership firm in the construction sector against the CIT(A)'s order confirming a penalty of Rs. 45.50 lakhs under section 271(1)(c) of the Income Tax Act for the assessment year 2009-10. The Tribunal held that since the undisclosed income was voluntarily declared in the revised return, accepted by the Assessing Officer without additions, and no incriminating material was found during the survey, the penalty was unjustified. The decision emphasized the absence of actual concealment or furnishing of inaccurate particulars, leading to the deletion of the penalty. Case-Laws Income Tax Fri, 20 Feb 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=267045