https://www.taxtmi.com/caselaws?id=282296 The Tribunal upheld the CIT(A)'s decision to quash penalty proceedings under Section 271(1)(c) of the Income Tax Act. It was found that the assessee had disclosed the income during a survey, which was later included in the return filed. The penalty was initially imposed by the Assessing Officer for alleged failure to provide details, but the Tribunal ruled that changing the head of income without any additional income assessment did not warrant penalty imposition. Legal precedents supported the decision that penalty cannot be levied when disclosed income is reflected in the return without concealment. The Revenue's appeals were dismissed. en-us Fri, 25 Jan 2019 00:00:00 +0530 Thu, 01 Aug 2019 05:52:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=282296 The Tribunal upheld the CIT(A)'s decision to quash penalty proceedings under Section 271(1)(c) of the Income Tax Act. It was found that the assessee had disclosed the income during a survey, which was later included in the return filed. The penalty was initially imposed by the Assessing Officer for alleged failure to provide details, but the Tribunal ruled that changing the head of income without any additional income assessment did not warrant penalty imposition. Legal precedents supported the decision that penalty cannot be levied when disclosed income is reflected in the return without concealment. The Revenue's appeals were dismissed. Case-Laws Income Tax Fri, 25 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=282296