https://www.taxtmi.com/caselaws?id=267824 The Tribunal allowed the appeals for the assessment years 2007-08 and 2008-09, annulling the penalties imposed under section 271(1)(c) of the Income-tax Act, 1961. The Tribunal found that the assessee had voluntarily disclosed income with a clear nexus between funds from share sales and property investments, aiming to cooperate with the Department and avoid litigation. The penalties were deemed unjustified, and the appeals were successful, setting aside the penalties. en-us Wed, 23 Sep 2015 00:00:00 +0530 Mon, 16 Nov 2015 01:23:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=267824 The Tribunal allowed the appeals for the assessment years 2007-08 and 2008-09, annulling the penalties imposed under section 271(1)(c) of the Income-tax Act, 1961. The Tribunal found that the assessee had voluntarily disclosed income with a clear nexus between funds from share sales and property investments, aiming to cooperate with the Department and avoid litigation. The penalties were deemed unjustified, and the appeals were successful, setting aside the penalties. Case-Laws Income Tax Wed, 23 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=267824