https://www.taxtmi.com/caselaws?id=278133 The Tribunal upheld the Commissioner of Income Tax (Appeals)'s decision to delete the penalty imposed under Section 271(1)(c) of the Income Tax Act on the assessee for concealment of income. The Tribunal found that the revised return, admitting capital gains and paying taxes promptly upon realizing the error, was filed voluntarily and not due to detection by the tax authorities. The Tribunal concluded that the omission in the original return was a result of a genuine misconception and not an attempt to conceal income, ultimately ruling in favor of the assessee and dismissing the Revenue's appeal. en-us Thu, 17 Apr 2014 00:00:00 +0530 Sat, 12 Jan 2019 07:00:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=278133 The Tribunal upheld the Commissioner of Income Tax (Appeals)'s decision to delete the penalty imposed under Section 271(1)(c) of the Income Tax Act on the assessee for concealment of income. The Tribunal found that the revised return, admitting capital gains and paying taxes promptly upon realizing the error, was filed voluntarily and not due to detection by the tax authorities. The Tribunal concluded that the omission in the original return was a result of a genuine misconception and not an attempt to conceal income, ultimately ruling in favor of the assessee and dismissing the Revenue's appeal. Case-Laws Income Tax Thu, 17 Apr 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=278133