https://www.taxtmi.com/caselaws?id=325912 The Tribunal ruled in favor of the assessee, holding that the imposition of a penalty under Section 271(1)(c) of the Income-tax Act was not justified. The penalty was deleted as the assessee had disclosed all relevant facts, there was no concealment of income or furnishing of inaccurate particulars, and no loss to revenue occurred. The Tribunal emphasized that penalty should not be imposed for not filing a revised return when all details were disclosed, supporting its decision with relevant case law, including Supreme Court judgments. en-us Fri, 08 Jan 2016 00:00:00 +0530 Fri, 01 Apr 2016 11:09:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=325912 The Tribunal ruled in favor of the assessee, holding that the imposition of a penalty under Section 271(1)(c) of the Income-tax Act was not justified. The penalty was deleted as the assessee had disclosed all relevant facts, there was no concealment of income or furnishing of inaccurate particulars, and no loss to revenue occurred. The Tribunal emphasized that penalty should not be imposed for not filing a revised return when all details were disclosed, supporting its decision with relevant case law, including Supreme Court judgments. Case-Laws Income Tax Fri, 08 Jan 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=325912