https://www.taxtmi.com/caselaws?id=382738 The Tribunal partially allowed the appeal against the penalty imposed under section 271(1)(c) of the Income Tax Act, reducing it from 300% to 100% of the tax sought to be evaded. The penalty was lowered to Rs. 23,962 from the initial Rs. 1,70,317 due to the undisclosed long term capital gain by the assessee. The decision emphasized the significance of accurate income disclosure and the repercussions of non-disclosure as per the provisions of the Income Tax Act. en-us Mon, 08 Jul 2019 00:00:00 +0530 Tue, 09 Jul 2019 12:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=382738 The Tribunal partially allowed the appeal against the penalty imposed under section 271(1)(c) of the Income Tax Act, reducing it from 300% to 100% of the tax sought to be evaded. The penalty was lowered to Rs. 23,962 from the initial Rs. 1,70,317 due to the undisclosed long term capital gain by the assessee. The decision emphasized the significance of accurate income disclosure and the repercussions of non-disclosure as per the provisions of the Income Tax Act. Case-Laws Income Tax Mon, 08 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=382738