https://www.taxtmi.com/caselaws?id=181485 The Tribunal allowed the appeal against the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961. The Tribunal found that the assessee had disclosed all relevant facts during assessment proceedings, and the disallowance of job charges did not automatically indicate concealment of income. Emphasizing the distinction between assessment and penalty proceedings, the Tribunal set aside the penalty, considering the genuine explanation provided by the assessee. This case underscores the significance of full disclosure during assessments and clarifies the separate considerations for disallowances and penalties under section 271(1)(c) of the Income Tax Act. en-us Fri, 24 Jul 2009 00:00:00 +0530 Mon, 18 Apr 2016 16:44:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=181485 The Tribunal allowed the appeal against the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961. The Tribunal found that the assessee had disclosed all relevant facts during assessment proceedings, and the disallowance of job charges did not automatically indicate concealment of income. Emphasizing the distinction between assessment and penalty proceedings, the Tribunal set aside the penalty, considering the genuine explanation provided by the assessee. This case underscores the significance of full disclosure during assessments and clarifies the separate considerations for disallowances and penalties under section 271(1)(c) of the Income Tax Act. Case-Laws Income Tax Fri, 24 Jul 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=181485