https://www.taxtmi.com/caselaws?id=272049 The Court upheld the deletion of the penalty imposed under Section 271(1)(c) of the Income Tax Act for Assessment Year 2006-2007. The Respondent disclosed all transaction details in the return, including the previously unreported income, and provided sufficient evidence for the capital gain claim. The Court found that since the income particulars were disclosed in the return, the penalty imposition was unjustified. The decision was supported by relevant case laws, and the Court concluded that the CIT(A) and Tribunal's findings were reasonable. The appeal was dismissed, with no costs awarded. en-us Tue, 09 Feb 2016 00:00:00 +0530 Mon, 02 May 2016 15:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=272049 The Court upheld the deletion of the penalty imposed under Section 271(1)(c) of the Income Tax Act for Assessment Year 2006-2007. The Respondent disclosed all transaction details in the return, including the previously unreported income, and provided sufficient evidence for the capital gain claim. The Court found that since the income particulars were disclosed in the return, the penalty imposition was unjustified. The decision was supported by relevant case laws, and the Court concluded that the CIT(A) and Tribunal's findings were reasonable. The appeal was dismissed, with no costs awarded. Case-Laws Income Tax Tue, 09 Feb 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=272049