https://www.taxtmi.com/caselaws?id=394456 The tribunal allowed the appeal, ruling in favor of the assessee by deleting the penalty imposed under Section 271(1)(c) of the Income Tax Act. The tribunal found procedural defects in the penalty proceedings, emphasizing the lack of specificity in the notice issued by the Assessing Officer and the non-application of mind in justifying the penalty. The tribunal held that the penalty for the revised computation of income was not justified as it was voluntarily disclosed without any detection by the AO. Additionally, the tribunal agreed that not challenging an addition to avoid litigation should not attract a penalty. en-us Wed, 29 Jan 2020 00:00:00 +0530 Mon, 13 Apr 2020 16:01:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=394456 The tribunal allowed the appeal, ruling in favor of the assessee by deleting the penalty imposed under Section 271(1)(c) of the Income Tax Act. The tribunal found procedural defects in the penalty proceedings, emphasizing the lack of specificity in the notice issued by the Assessing Officer and the non-application of mind in justifying the penalty. The tribunal held that the penalty for the revised computation of income was not justified as it was voluntarily disclosed without any detection by the AO. Additionally, the tribunal agreed that not challenging an addition to avoid litigation should not attract a penalty. Case-Laws Income Tax Wed, 29 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=394456