https://www.taxtmi.com/caselaws?id=186640 The Tribunal upheld the CIT(A)'s decision, ruling that there was no concealment of income or furnishing of inaccurate particulars by the assessee. The surrendered amount was deemed not taxable income for the relevant assessment year, leading to the cancellation of the penalty under Section 271(1)(c). The Revenue's appeal was dismissed, emphasizing the voluntary and good faith nature of the disclosure to avoid prolonged litigation. The Tribunal highlighted the independent nature of penalty proceedings and the requirement for the Assessing Officer to prove concealment to impose a penalty. en-us Mon, 30 Nov 2015 00:00:00 +0530 Mon, 26 Sep 2016 10:24:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=186640 The Tribunal upheld the CIT(A)'s decision, ruling that there was no concealment of income or furnishing of inaccurate particulars by the assessee. The surrendered amount was deemed not taxable income for the relevant assessment year, leading to the cancellation of the penalty under Section 271(1)(c). The Revenue's appeal was dismissed, emphasizing the voluntary and good faith nature of the disclosure to avoid prolonged litigation. The Tribunal highlighted the independent nature of penalty proceedings and the requirement for the Assessing Officer to prove concealment to impose a penalty. Case-Laws Income Tax Mon, 30 Nov 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=186640