https://www.taxtmi.com/caselaws?id=379156 The Tribunal canceled the penalty imposed by the Assessing Officer and upheld by the Commissioner of Income Tax (Appeals) under section 271(1)(c) of the Income Tax Act, finding that the assessee did not conceal income but voluntarily disclosed additional income to rectify an inadvertent mistake in the initial declaration. The Tribunal emphasized the importance of voluntary disclosure and the source of additional income in determining penalties for concealment of income, ultimately allowing the appeal of the assessee. en-us Wed, 24 Apr 2019 00:00:00 +0530 Sat, 27 Apr 2019 11:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=379156 The Tribunal canceled the penalty imposed by the Assessing Officer and upheld by the Commissioner of Income Tax (Appeals) under section 271(1)(c) of the Income Tax Act, finding that the assessee did not conceal income but voluntarily disclosed additional income to rectify an inadvertent mistake in the initial declaration. The Tribunal emphasized the importance of voluntary disclosure and the source of additional income in determining penalties for concealment of income, ultimately allowing the appeal of the assessee. Case-Laws Income Tax Wed, 24 Apr 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=379156