https://www.taxtmi.com/caselaws?id=181155 The Tribunal affirmed the cancellation of a penalty under Section 271(1)(c) of the Income-tax Act for the assessment year 2001-02. The penalty was levied by the Assessing Officer but later cancelled by the ld. CIT(A) as the revised return, declaring higher income, was filed voluntarily before detection of concealed income by the department. Citing legal precedents, the Tribunal upheld the cancellation, stating that penalties cannot be imposed if income concealment is not detected by the department. The decision highlights the significance of voluntary income disclosure and its timing in relation to detection by tax authorities in determining penalty applicability. en-us Fri, 07 Jan 2011 00:00:00 +0530 Fri, 08 Apr 2016 12:24:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=181155 The Tribunal affirmed the cancellation of a penalty under Section 271(1)(c) of the Income-tax Act for the assessment year 2001-02. The penalty was levied by the Assessing Officer but later cancelled by the ld. CIT(A) as the revised return, declaring higher income, was filed voluntarily before detection of concealed income by the department. Citing legal precedents, the Tribunal upheld the cancellation, stating that penalties cannot be imposed if income concealment is not detected by the department. The decision highlights the significance of voluntary income disclosure and its timing in relation to detection by tax authorities in determining penalty applicability. Case-Laws Income Tax Fri, 07 Jan 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=181155