https://www.taxtmi.com/caselaws?id=339595 The Tribunal held that the penalty under Section 271(1)(c) of the Income Tax Act for concealment of income was not justified as the assessee's disclosure of additional income post-survey was deemed voluntary to avoid litigation. The Tribunal found the disclosure bona fide, matching the income assessed by the Assessing Officer. Consequently, the penalty was deleted, and the appeals were allowed, with stay applications dismissed as infructuous. The judgment was pronounced on 28th February 2017. en-us Tue, 28 Feb 2017 00:00:00 +0530 Wed, 01 Mar 2017 10:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=339595 The Tribunal held that the penalty under Section 271(1)(c) of the Income Tax Act for concealment of income was not justified as the assessee's disclosure of additional income post-survey was deemed voluntary to avoid litigation. The Tribunal found the disclosure bona fide, matching the income assessed by the Assessing Officer. Consequently, the penalty was deleted, and the appeals were allowed, with stay applications dismissed as infructuous. The judgment was pronounced on 28th February 2017. Case-Laws Income Tax Tue, 28 Feb 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=339595