https://www.taxtmi.com/caselaws?id=362000 The ITAT, Hyderabad, ruled in favor of the assessee, canceling the penalty imposed under section 271(1)(c) of the Income-tax Act, 1961 for the assessment year 2004-05. The tribunal held that since the unexplained expenditure was voluntarily disclosed in the revised return filed under section 153A and accepted by the AO, there was no concealment or inaccurate particulars. The appeal of the assessee was allowed based on this legal interpretation, emphasizing the importance of assessing such matters based on the revised return rather than the original return. en-us Wed, 13 Jun 2018 00:00:00 +0530 Sun, 17 Jun 2018 18:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=362000 The ITAT, Hyderabad, ruled in favor of the assessee, canceling the penalty imposed under section 271(1)(c) of the Income-tax Act, 1961 for the assessment year 2004-05. The tribunal held that since the unexplained expenditure was voluntarily disclosed in the revised return filed under section 153A and accepted by the AO, there was no concealment or inaccurate particulars. The appeal of the assessee was allowed based on this legal interpretation, emphasizing the importance of assessing such matters based on the revised return rather than the original return. Case-Laws Income Tax Wed, 13 Jun 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=362000