https://www.taxtmi.com/caselaws?id=280240 The Appellate Tribunal ITAT Kolkata considered stay petitions against penalties imposed under section 271(1)(c) of the Income Tax Act for multiple assessment years. The assessee voluntarily disclosed income from bank accounts before a search, with assessments accepting the returned income. Despite the Revenue's argument that the disclosure was search prompted, the Tribunal acknowledged the disclosure, granted a payment scheme requiring the assessee to pay 25 lakhs by a specified date with monthly instalments. The stay petitions were allowed, and the appeals were set for an early hearing. en-us Wed, 19 Jun 2013 00:00:00 +0530 Fri, 26 Apr 2019 10:51:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=280240 The Appellate Tribunal ITAT Kolkata considered stay petitions against penalties imposed under section 271(1)(c) of the Income Tax Act for multiple assessment years. The assessee voluntarily disclosed income from bank accounts before a search, with assessments accepting the returned income. Despite the Revenue's argument that the disclosure was search prompted, the Tribunal acknowledged the disclosure, granted a payment scheme requiring the assessee to pay 25 lakhs by a specified date with monthly instalments. The stay petitions were allowed, and the appeals were set for an early hearing. Case-Laws Income Tax Wed, 19 Jun 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=280240