https://www.taxtmi.com/caselaws?id=200711 The Court upheld the Tribunal's decision to delete the penalty imposed under Section 271(1)(c) of the Income Tax Act, 1961. The legal heir's voluntary disclosure of the undisclosed income related to a property, made in good faith to avoid litigation, was deemed bona fide by the Tribunal. The Court agreed that the disclosure was not to escape legal consequences but to prevent prolonged litigation with the Revenue. As the disclosure was considered genuine and made in good faith due to the lack of knowledge about the investment sources, the Court dismissed the appeal, finding no substantial question of law for determination. en-us Tue, 06 May 2008 00:00:00 +0530 Mon, 16 Apr 2018 11:08:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=200711 The Court upheld the Tribunal's decision to delete the penalty imposed under Section 271(1)(c) of the Income Tax Act, 1961. The legal heir's voluntary disclosure of the undisclosed income related to a property, made in good faith to avoid litigation, was deemed bona fide by the Tribunal. The Court agreed that the disclosure was not to escape legal consequences but to prevent prolonged litigation with the Revenue. As the disclosure was considered genuine and made in good faith due to the lack of knowledge about the investment sources, the Court dismissed the appeal, finding no substantial question of law for determination. Case-Laws Income Tax Tue, 06 May 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=200711