https://www.taxtmi.com/caselaws?id=358516 The ITAT allowed the appeal, ruling that the penalty imposed under section 271(1)(c) of the Income Tax Act for the assessment year 2008-09 was unwarranted. The tribunal considered the debatable taxability issue, the assessee's minor status at the time of investment, and the voluntary disclosure of the amount. Emphasizing the lack of intent to conceal income and the genuine mistake made, the ITAT directed the deletion of the penalty amount. en-us Wed, 04 Apr 2018 00:00:00 +0530 Fri, 13 Apr 2018 08:17:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=358516 The ITAT allowed the appeal, ruling that the penalty imposed under section 271(1)(c) of the Income Tax Act for the assessment year 2008-09 was unwarranted. The tribunal considered the debatable taxability issue, the assessee's minor status at the time of investment, and the voluntary disclosure of the amount. Emphasizing the lack of intent to conceal income and the genuine mistake made, the ITAT directed the deletion of the penalty amount. Case-Laws Income Tax Wed, 04 Apr 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=358516