https://www.taxtmi.com/caselaws?id=332234 The Tribunal held that the penalty under Section 271(1)(c) of the Income Tax Act was not justified. The assessee's disclosure of income in the subsequent year and payment of tax showed no intent to conceal income. Citing relevant case law, the Tribunal emphasized that differences in the year of taxability do not warrant a penalty for concealment. Therefore, the penalty was deleted, and the assessee's appeal was allowed. en-us Mon, 01 Aug 2016 00:00:00 +0530 Tue, 13 Sep 2016 11:25:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=332234 The Tribunal held that the penalty under Section 271(1)(c) of the Income Tax Act was not justified. The assessee's disclosure of income in the subsequent year and payment of tax showed no intent to conceal income. Citing relevant case law, the Tribunal emphasized that differences in the year of taxability do not warrant a penalty for concealment. Therefore, the penalty was deleted, and the assessee's appeal was allowed. Case-Laws Income Tax Mon, 01 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=332234