https://www.taxtmi.com/caselaws?id=270612 The Tribunal allowed the appeal filed by the Assessee against the penalty imposed under section 271(1)(c) of the Income-tax Act, 1961 for the assessment year 2008-09. The penalty was imposed due to unreported income, but the Assessee voluntarily disclosed and paid the tax before assessment proceedings. The Tribunal held that the penalty imposition was unwarranted as the Assessee's actions demonstrated good faith and no intent to conceal income. Relying on relevant case laws, the Tribunal concluded that the penalty was not justified, aligning with principles of voluntary disclosure and good faith surrender of income. en-us Tue, 17 Nov 2015 00:00:00 +0530 Mon, 11 Jan 2016 11:04:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=270612 The Tribunal allowed the appeal filed by the Assessee against the penalty imposed under section 271(1)(c) of the Income-tax Act, 1961 for the assessment year 2008-09. The penalty was imposed due to unreported income, but the Assessee voluntarily disclosed and paid the tax before assessment proceedings. The Tribunal held that the penalty imposition was unwarranted as the Assessee's actions demonstrated good faith and no intent to conceal income. Relying on relevant case laws, the Tribunal concluded that the penalty was not justified, aligning with principles of voluntary disclosure and good faith surrender of income. Case-Laws Income Tax Tue, 17 Nov 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=270612