https://www.taxtmi.com/caselaws?id=328182 The Tribunal found in favor of the assessee, ruling that the penalty proceedings under Section 271(1)(c) of the Income Tax Act were not justified. The Tribunal determined that the assessee had not willfully concealed income and had a genuine belief regarding the assessment year for capital gains tax. As a result, the penalty was deemed unwarranted, and the Assessing Officer was directed to delete the penalty. The appeal by the assessee was partly allowed, with the decision pronounced on 6th May 2016. en-us Fri, 06 May 2016 00:00:00 +0530 Thu, 26 May 2016 23:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=328182 The Tribunal found in favor of the assessee, ruling that the penalty proceedings under Section 271(1)(c) of the Income Tax Act were not justified. The Tribunal determined that the assessee had not willfully concealed income and had a genuine belief regarding the assessment year for capital gains tax. As a result, the penalty was deemed unwarranted, and the Assessing Officer was directed to delete the penalty. The appeal by the assessee was partly allowed, with the decision pronounced on 6th May 2016. Case-Laws Income Tax Fri, 06 May 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=328182