https://www.taxtmi.com/caselaws?id=336498 The Tribunal allowed the appeal filed by the assessee for the assessment year 2010-11, ordering the deletion of the penalty under section 271(1)(c) of the Income Tax Act. The Tribunal accepted the assessee's explanations for the non-disclosure of income as genuine, citing inadvertence and a belief in correct tax deductions. The Tribunal found the penalty imposition unjustified, considering the prompt rectification of the non-disclosed income and payment of due taxes, leading to the deletion of the penalty under explanation 1 to Section 271(1)(c) of the Act. en-us Tue, 25 Oct 2016 00:00:00 +0530 Thu, 22 Dec 2016 15:31:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=336498 The Tribunal allowed the appeal filed by the assessee for the assessment year 2010-11, ordering the deletion of the penalty under section 271(1)(c) of the Income Tax Act. The Tribunal accepted the assessee's explanations for the non-disclosure of income as genuine, citing inadvertence and a belief in correct tax deductions. The Tribunal found the penalty imposition unjustified, considering the prompt rectification of the non-disclosed income and payment of due taxes, leading to the deletion of the penalty under explanation 1 to Section 271(1)(c) of the Act. Case-Laws Income Tax Tue, 25 Oct 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=336498