https://www.taxtmi.com/caselaws?id=193830 The High Court of Bombay considered the penalty for non-disclosure of additional income under Section 271(1)(c) of the Income Tax Act, 1961. The court examined the ITAT's decision to delete the penalty imposed on the assessee for disclosing Rs. 1,40,00,000 of additional income. The court agreed to address substantial questions of law raised, questioning the justification for deleting the penalty and the impact of external factors on the income surrender. The judgment emphasizes the importance of compliance with tax laws and accurate reporting of income, stressing the need for a comprehensive assessment of facts and legal provisions in tax matters. en-us Mon, 27 Apr 2015 00:00:00 +0530 Mon, 21 Aug 2017 08:10:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=193830 The High Court of Bombay considered the penalty for non-disclosure of additional income under Section 271(1)(c) of the Income Tax Act, 1961. The court examined the ITAT's decision to delete the penalty imposed on the assessee for disclosing Rs. 1,40,00,000 of additional income. The court agreed to address substantial questions of law raised, questioning the justification for deleting the penalty and the impact of external factors on the income surrender. The judgment emphasizes the importance of compliance with tax laws and accurate reporting of income, stressing the need for a comprehensive assessment of facts and legal provisions in tax matters. Case-Laws Income Tax Mon, 27 Apr 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=193830