https://www.taxtmi.com/caselaws?id=359086 The Tribunal found in favor of the assessee, ruling that the penalty under Section 271(1)(c) of the Income-tax Act was invalid. The Tribunal determined that the assessee's voluntary disclosure and payment of taxes before the assessment was completed fell under the exceptions provided in Explanation 5, granting immunity from penalty. The AO's failure to establish concealment or inaccuracy of income particulars and the lack of proper satisfaction for initiating penalty proceedings led to the deletion of the penalty imposed. The appeal by the assessee was allowed, and the penalty levied was overturned. en-us Thu, 19 Apr 2018 00:00:00 +0530 Tue, 24 Apr 2018 09:10:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=359086 The Tribunal found in favor of the assessee, ruling that the penalty under Section 271(1)(c) of the Income-tax Act was invalid. The Tribunal determined that the assessee's voluntary disclosure and payment of taxes before the assessment was completed fell under the exceptions provided in Explanation 5, granting immunity from penalty. The AO's failure to establish concealment or inaccuracy of income particulars and the lack of proper satisfaction for initiating penalty proceedings led to the deletion of the penalty imposed. The appeal by the assessee was allowed, and the penalty levied was overturned. Case-Laws Income Tax Thu, 19 Apr 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=359086