https://www.taxtmi.com/caselaws?id=270290 The Tribunal upheld the deletion of the penalty under Section 271(1)(c) of the Income Tax Act, emphasizing the assessee's voluntary disclosure of additional income before the notice under Section 148, which demonstrated a lack of concealment or inaccurate particulars during the assessment. The decision highlighted the significance of assessment proceedings and return of income over survey proceedings for penalty imposition, emphasizing the Revenue's burden to establish penalty conditions. The appeal challenging the penalty imposition was dismissed based on the timing of the revised return filing and the absence of evidence supporting concealment or inaccuracies during the assessment. en-us Wed, 02 Dec 2015 00:00:00 +0530 Sat, 30 Dec 2017 10:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=270290 The Tribunal upheld the deletion of the penalty under Section 271(1)(c) of the Income Tax Act, emphasizing the assessee's voluntary disclosure of additional income before the notice under Section 148, which demonstrated a lack of concealment or inaccurate particulars during the assessment. The decision highlighted the significance of assessment proceedings and return of income over survey proceedings for penalty imposition, emphasizing the Revenue's burden to establish penalty conditions. The appeal challenging the penalty imposition was dismissed based on the timing of the revised return filing and the absence of evidence supporting concealment or inaccuracies during the assessment. Case-Laws Income Tax Wed, 02 Dec 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=270290