https://www.taxtmi.com/caselaws?id=346687 The Tribunal quashed the penalty of Rs. 6,21,100/- imposed under Section 271(1)(c) for the concealment of income, allowing the appeal of the assessee. The decision emphasized the importance of consistency, bonafide conduct, and the quasi-criminal nature of penalty proceedings. The Tribunal found the omission to be a bonafide mistake, corrected voluntarily before any specific query was raised by the Assessing Officer, and referenced precedents where penalties were not imposed in similar situations. The appeal was allowed on 26/07/2017. en-us Wed, 26 Jul 2017 00:00:00 +0530 Tue, 22 Aug 2017 07:27:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=346687 The Tribunal quashed the penalty of Rs. 6,21,100/- imposed under Section 271(1)(c) for the concealment of income, allowing the appeal of the assessee. The decision emphasized the importance of consistency, bonafide conduct, and the quasi-criminal nature of penalty proceedings. The Tribunal found the omission to be a bonafide mistake, corrected voluntarily before any specific query was raised by the Assessing Officer, and referenced precedents where penalties were not imposed in similar situations. The appeal was allowed on 26/07/2017. Case-Laws Income Tax Wed, 26 Jul 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=346687