https://www.taxtmi.com/caselaws?id=392287 The HC dismissed the Revenue's appeal, affirming the ITAT's decision to cancel the penalty of Rs. 6,93,70,500 on on-money receipts disclosed by the assessee during a survey under Section 133A. The court found no concealment or inaccurate particulars in the return of income, supporting the CIT(A)'s and Tribunal's conclusions that the penalty under Section 271(1)(c) was unjustified. The disclosed income was accepted without discrepancies, and the Revenue's appeal did not present any substantial legal issue. en-us Mon, 10 Feb 2020 00:00:00 +0530 Thu, 07 Nov 2024 11:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=392287 The HC dismissed the Revenue's appeal, affirming the ITAT's decision to cancel the penalty of Rs. 6,93,70,500 on on-money receipts disclosed by the assessee during a survey under Section 133A. The court found no concealment or inaccurate particulars in the return of income, supporting the CIT(A)'s and Tribunal's conclusions that the penalty under Section 271(1)(c) was unjustified. The disclosed income was accepted without discrepancies, and the Revenue's appeal did not present any substantial legal issue. Case-Laws Income Tax Mon, 10 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=392287