https://www.taxtmi.com/caselaws?id=327870 The Tribunal allowed the assessee's appeal, concluding that the penalty under Section 271(1)(c) of the Income Tax Act was not justified. The Tribunal found that there was no material evidence to show that the surrendered income was concealed. Emphasizing the need for independent inquiries during penalty proceedings, the Tribunal considered the assessee's explanation to be bona fide, especially in the context of being in the first year of business. The penalty was deleted, and the order was pronounced on 08/04/2016. en-us Fri, 08 Apr 2016 00:00:00 +0530 Sat, 21 May 2016 12:39:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=327870 The Tribunal allowed the assessee's appeal, concluding that the penalty under Section 271(1)(c) of the Income Tax Act was not justified. The Tribunal found that there was no material evidence to show that the surrendered income was concealed. Emphasizing the need for independent inquiries during penalty proceedings, the Tribunal considered the assessee's explanation to be bona fide, especially in the context of being in the first year of business. The penalty was deleted, and the order was pronounced on 08/04/2016. Case-Laws Income Tax Fri, 08 Apr 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=327870