https://www.taxtmi.com/caselaws?id=378843 The Tribunal dismissed the Revenue's appeals and upheld the deletion of penalties by the CIT(A). The Tribunal found that the penalty under Section 271(1)(c) was not justified as the assessees had voluntarily disclosed income, paid taxes, and no incriminating material was discovered during the search. The Tribunal emphasized that the penalty provisions were inapplicable due to the absence of tax sought to be evaded and the voluntary disclosure of income, leading to the dismissal of both Revenue's appeals and assessees' cross objections. en-us Wed, 20 Mar 2019 00:00:00 +0530 Sat, 20 Apr 2019 18:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=378843 The Tribunal dismissed the Revenue's appeals and upheld the deletion of penalties by the CIT(A). The Tribunal found that the penalty under Section 271(1)(c) was not justified as the assessees had voluntarily disclosed income, paid taxes, and no incriminating material was discovered during the search. The Tribunal emphasized that the penalty provisions were inapplicable due to the absence of tax sought to be evaded and the voluntary disclosure of income, leading to the dismissal of both Revenue's appeals and assessees' cross objections. Case-Laws Income Tax Wed, 20 Mar 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=378843