https://www.taxtmi.com/caselaws?id=395372 The Tribunal allowed the appeal, directing the deletion of the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961. Emphasizing the absence of deliberate intent to conceal income and the bonafide explanations provided by the assessee, the Tribunal held that the penalty was unjustified. The judgment underscored the significance of timely rectification of discrepancies and the payment of taxes in determining the applicability of penalties in tax cases. en-us Fri, 08 May 2020 00:00:00 +0530 Mon, 31 Aug 2020 17:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=395372 The Tribunal allowed the appeal, directing the deletion of the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961. Emphasizing the absence of deliberate intent to conceal income and the bonafide explanations provided by the assessee, the Tribunal held that the penalty was unjustified. The judgment underscored the significance of timely rectification of discrepancies and the payment of taxes in determining the applicability of penalties in tax cases. Case-Laws Income Tax Fri, 08 May 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=395372