https://www.taxtmi.com/caselaws?id=326736 The Tribunal allowed the appeal, directing the Assessing Officer to delete the penalty imposed under section 271(1)(c) of the Income Tax Act. The Tribunal found that the additional income offered by the assessee was not indicative of deliberate tax evasion but was a voluntary disclosure to settle the matter and avoid prolonged litigation. The Tribunal emphasized the need for concrete evidence of tax evasion before imposing penalties and highlighted the distinction between assessment and penalty proceedings. en-us Wed, 02 Mar 2016 00:00:00 +0530 Sat, 23 Apr 2016 10:54:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=326736 The Tribunal allowed the appeal, directing the Assessing Officer to delete the penalty imposed under section 271(1)(c) of the Income Tax Act. The Tribunal found that the additional income offered by the assessee was not indicative of deliberate tax evasion but was a voluntary disclosure to settle the matter and avoid prolonged litigation. The Tribunal emphasized the need for concrete evidence of tax evasion before imposing penalties and highlighted the distinction between assessment and penalty proceedings. Case-Laws Income Tax Wed, 02 Mar 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=326736