https://www.taxtmi.com/caselaws?id=394027 The Tribunal upheld the decision of the Commissioner of Income Tax (Appeals) and dismissed the Revenue's appeal against the deletion of penalty under section 271(1)(c) of the Income Tax Act. The Tribunal found that the assessee had disclosed additional income during a survey operation, which was properly recorded in the books of accounts and tax returns. Citing a precedent from the Hon'ble Gujarat High Court, the Tribunal concluded that since the disclosed income was taxed and no further additions were made during assessment, the penalty for inaccurate particulars of income did not apply. en-us Thu, 05 Mar 2020 00:00:00 +0530 Sat, 28 Mar 2020 11:34:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=394027 The Tribunal upheld the decision of the Commissioner of Income Tax (Appeals) and dismissed the Revenue's appeal against the deletion of penalty under section 271(1)(c) of the Income Tax Act. The Tribunal found that the assessee had disclosed additional income during a survey operation, which was properly recorded in the books of accounts and tax returns. Citing a precedent from the Hon'ble Gujarat High Court, the Tribunal concluded that since the disclosed income was taxed and no further additions were made during assessment, the penalty for inaccurate particulars of income did not apply. Case-Laws Income Tax Thu, 05 Mar 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=394027