https://www.taxtmi.com/caselaws?id=195179 The Tribunal allowed the appeals of the assessee, finding that the assessee had voluntarily corrected errors and paid the differential tax with interest before assessment proceedings, demonstrating bona fide intentions. The Tribunal held that the Assessing Officer had not proven concealment allegations and that the assessee had disclosed income suo moto. Consequently, the Tribunal concluded that mere confirmation of income addition did not justify penalty imposition for concealment, leading to the deletion of penalties in both appeals. en-us Fri, 20 Jan 2017 00:00:00 +0530 Wed, 18 Oct 2017 11:14:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=195179 The Tribunal allowed the appeals of the assessee, finding that the assessee had voluntarily corrected errors and paid the differential tax with interest before assessment proceedings, demonstrating bona fide intentions. The Tribunal held that the Assessing Officer had not proven concealment allegations and that the assessee had disclosed income suo moto. Consequently, the Tribunal concluded that mere confirmation of income addition did not justify penalty imposition for concealment, leading to the deletion of penalties in both appeals. Case-Laws Income Tax Fri, 20 Jan 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=195179