Penalty u/s 271(1)(c) of Income Tax Act revoked as assessee's disclosure deemed bona fide to avoid litigation.

Penalty u/s 271(1)(c) of Income Tax Act revoked as assessee's disclosure deemed bona fide to avoid litigation. https://www.taxtmi.com/highlights?id=33532 Levy of penalty u/s 271(1)(c) - disclosure of additional income consequent to survey operation - the explanations of the assessee that he has declared additional income to buy peace and to come out of vexed litigation could be treated as bonafide and penalty u/s 271(1)(c) cannot be levied - AT en-us Fri, 03 Mar 2017 06:49:35 +0530 Fri, 03 Mar 2017 06:49:35 +0530 TaxTMI RSS Generator Penalty u/s 271(1)(c) of Income Tax Act revoked as assessee's disclosure deemed bona fide to avoid litigation. https://www.taxtmi.com/highlights?id=33532 Levy of penalty u/s 271(1)(c) - disclosure of additional income consequent to survey operation - the explanations of the assessee that he has declared additional income to buy peace and to come out of vexed litigation could be treated as bonafide and penalty u/s 271(1)(c) cannot be levied - AT Highlights Income Tax Fri, 03 Mar 2017 06:49:35 +0530 https://www.taxtmi.com/highlights?id=33532