https://www.taxtmi.com/caselaws?id=376185 The High Court upheld the Tribunal's decision to dismiss the Revenue's appeal challenging the deletion of penalty under Section 271(1)(c). The Court found the assessee's conduct to be bona fide as they voluntarily disclosed income before any concealment was detected. The Court emphasized that failure to pay tax on income declared under VDIS did not indicate concealment without malicious intent. Consequently, the Court dismissed the Revenue's appeal, ruling in favor of the assessee and not awarding any costs. en-us Wed, 30 Jan 2019 00:00:00 +0530 Mon, 04 Mar 2019 08:26:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=376185 The High Court upheld the Tribunal's decision to dismiss the Revenue's appeal challenging the deletion of penalty under Section 271(1)(c). The Court found the assessee's conduct to be bona fide as they voluntarily disclosed income before any concealment was detected. The Court emphasized that failure to pay tax on income declared under VDIS did not indicate concealment without malicious intent. Consequently, the Court dismissed the Revenue's appeal, ruling in favor of the assessee and not awarding any costs. Case-Laws Income Tax Wed, 30 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=376185