https://www.taxtmi.com/caselaws?id=279718 The Tribunal ruled in favor of the Assessee in an appeal against a penalty under section 271(1)(c) for non-disclosure of short-term capital gains in the original return of income. The Tribunal found that the Assessee's revised return, which included the additional income, was voluntarily filed without any challenge from the Assessing Officer, indicating no intention to conceal income. Citing precedents, the Tribunal held that the Revenue failed to prove lack of genuineness in the Assessee's actions, leading to the deletion of the penalty. The Tribunal extended this decision to related family members' appeals, ultimately allowing all appeals. en-us Fri, 14 Nov 2014 00:00:00 +0530 Wed, 03 Apr 2019 05:57:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=279718 The Tribunal ruled in favor of the Assessee in an appeal against a penalty under section 271(1)(c) for non-disclosure of short-term capital gains in the original return of income. The Tribunal found that the Assessee's revised return, which included the additional income, was voluntarily filed without any challenge from the Assessing Officer, indicating no intention to conceal income. Citing precedents, the Tribunal held that the Revenue failed to prove lack of genuineness in the Assessee's actions, leading to the deletion of the penalty. The Tribunal extended this decision to related family members' appeals, ultimately allowing all appeals. Case-Laws Income Tax Fri, 14 Nov 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=279718