https://www.taxtmi.com/caselaws?id=335648 The Tribunal held that the penalty under Section 271(1)(c) was not justified as the assessee did not conceal income or provide inaccurate particulars. The additional income was voluntarily disclosed due to procedural lapses, not with the intent to deceive. The AO's acceptance of the revised return and the genuineness of the purchases supported the assessee's position. Citing relevant precedents, the Tribunal set aside the penalty orders, allowing the appeals filed by the assessee. en-us Fri, 21 Oct 2016 00:00:00 +0530 Tue, 06 Dec 2016 16:09:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=335648 The Tribunal held that the penalty under Section 271(1)(c) was not justified as the assessee did not conceal income or provide inaccurate particulars. The additional income was voluntarily disclosed due to procedural lapses, not with the intent to deceive. The AO's acceptance of the revised return and the genuineness of the purchases supported the assessee's position. Citing relevant precedents, the Tribunal set aside the penalty orders, allowing the appeals filed by the assessee. Case-Laws Income Tax Fri, 21 Oct 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=335648