https://www.taxtmi.com/caselaws?id=269142 The Tribunal ruled in favor of the assessee, allowing the appeal and directing the deletion of the penalty under section 271(1)(c) of the Income Tax Act, 1961. The decision emphasized the importance of voluntary disclosure and clarified that penalty proceedings require concealment or inaccurate particulars of income, which were not present in this case. The judgment highlighted the distinction between valid returns and the initiation of penalty based on conjectures, ultimately leading to the cancellation of the penalty. en-us Fri, 09 Oct 2015 00:00:00 +0530 Wed, 09 Dec 2015 09:34:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=269142 The Tribunal ruled in favor of the assessee, allowing the appeal and directing the deletion of the penalty under section 271(1)(c) of the Income Tax Act, 1961. The decision emphasized the importance of voluntary disclosure and clarified that penalty proceedings require concealment or inaccurate particulars of income, which were not present in this case. The judgment highlighted the distinction between valid returns and the initiation of penalty based on conjectures, ultimately leading to the cancellation of the penalty. Case-Laws Income Tax Fri, 09 Oct 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=269142