https://www.taxtmi.com/caselaws?id=348197 The Appellate Tribunal ITAT Delhi allowed the appeals of the assessees, Mr. Alok Bhandari and Mr. Rajendra Bhandari, by quashing the penalties imposed under section 271(1)(c) for assessment years 2006-07. The tribunal found that the penalties were illegal and bad in law as the assessees had made a bona fide disclosure of previously undisclosed income, demonstrating their good faith. The orders confirming the penalties were reversed, and all grounds of the assessees were accepted, leading to the penalties being set aside on 21st April 2017. en-us Fri, 21 Apr 2017 00:00:00 +0530 Sat, 16 Sep 2017 13:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=348197 The Appellate Tribunal ITAT Delhi allowed the appeals of the assessees, Mr. Alok Bhandari and Mr. Rajendra Bhandari, by quashing the penalties imposed under section 271(1)(c) for assessment years 2006-07. The tribunal found that the penalties were illegal and bad in law as the assessees had made a bona fide disclosure of previously undisclosed income, demonstrating their good faith. The orders confirming the penalties were reversed, and all grounds of the assessees were accepted, leading to the penalties being set aside on 21st April 2017. Case-Laws Income Tax Fri, 21 Apr 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=348197