https://www.taxtmi.com/caselaws?id=382322 The Tribunal set aside the penalty imposed under section 271(1)(c) for furnishing inaccurate income particulars. The decision favored the assessee due to voluntary corrective actions, filing revised returns before assessment completion, and payment of relevant taxes on corrected income, demonstrating good faith and compliance with tax laws. The Tribunal emphasized that penalty provisions did not apply as corrections were made proactively by the assessee without any prompting from tax authorities. en-us Thu, 27 Jun 2019 00:00:00 +0530 Sat, 29 Jun 2019 18:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=382322 The Tribunal set aside the penalty imposed under section 271(1)(c) for furnishing inaccurate income particulars. The decision favored the assessee due to voluntary corrective actions, filing revised returns before assessment completion, and payment of relevant taxes on corrected income, demonstrating good faith and compliance with tax laws. The Tribunal emphasized that penalty provisions did not apply as corrections were made proactively by the assessee without any prompting from tax authorities. Case-Laws Income Tax Thu, 27 Jun 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=382322