https://www.taxtmi.com/caselaws?id=187595 The tribunal dismissed the revenue's appeals and allowed the assessee's appeals, canceling the penalty under Section 271(1)(c) due to the voluntary disclosure of income and the defective show-cause notice. The penalty amount was reduced from 300% to 100% by the CIT(A), and the tribunal upheld the levy of penalty at 100% by the CIT(A). The tribunal ruled that the penalty could not be imposed as the disclosure was voluntary and made in good faith during the search operation, in line with legal precedents emphasizing that penalty should not be imposed without contumacious conduct. en-us Fri, 26 Aug 2016 00:00:00 +0530 Fri, 28 Oct 2016 09:04:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=187595 The tribunal dismissed the revenue's appeals and allowed the assessee's appeals, canceling the penalty under Section 271(1)(c) due to the voluntary disclosure of income and the defective show-cause notice. The penalty amount was reduced from 300% to 100% by the CIT(A), and the tribunal upheld the levy of penalty at 100% by the CIT(A). The tribunal ruled that the penalty could not be imposed as the disclosure was voluntary and made in good faith during the search operation, in line with legal precedents emphasizing that penalty should not be imposed without contumacious conduct. Case-Laws Income Tax Fri, 26 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=187595