https://www.taxtmi.com/caselaws?id=273880 The ITAT allowed the Assessee's appeal regarding the assessment of taxable income for A.Y. 2007-08. The Assessee corrected the purchase date of the land, voluntarily disclosed the gain, and revised the income, showing no intent to conceal income. The ITAT held that the penalty under section 271(1)(c) was unjustified as the Assessee's explanation was genuine and all relevant facts were disclosed promptly. Consequently, the ITAT canceled the penalty imposed by the A.O, ruling in favor of the Assessee. en-us Tue, 05 Aug 2014 00:00:00 +0530 Thu, 19 Jul 2018 05:59:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=273880 The ITAT allowed the Assessee's appeal regarding the assessment of taxable income for A.Y. 2007-08. The Assessee corrected the purchase date of the land, voluntarily disclosed the gain, and revised the income, showing no intent to conceal income. The ITAT held that the penalty under section 271(1)(c) was unjustified as the Assessee's explanation was genuine and all relevant facts were disclosed promptly. Consequently, the ITAT canceled the penalty imposed by the A.O, ruling in favor of the Assessee. Case-Laws Income Tax Tue, 05 Aug 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=273880