https://www.taxtmi.com/caselaws?id=397787 The HC dismissed the appeal, affirming the orders of the lower authorities. It held that the penalty under Section 271(1)(c) of the Income Tax Act was valid, despite the appellant's claims of full disclosure and inadvertent omission. The court found no substantial question of law and ruled against the assessee, concluding that the omission constituted filing inaccurate particulars and concealment of income. The court emphasized that voluntary disclosure does not exempt the assessee from penalty proceedings and that financial distress does not justify penalty cancellation. The appeal was dismissed, and the penalty was upheld. en-us Tue, 25 Aug 2020 00:00:00 +0530 Tue, 05 Nov 2024 13:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=397787 The HC dismissed the appeal, affirming the orders of the lower authorities. It held that the penalty under Section 271(1)(c) of the Income Tax Act was valid, despite the appellant's claims of full disclosure and inadvertent omission. The court found no substantial question of law and ruled against the assessee, concluding that the omission constituted filing inaccurate particulars and concealment of income. The court emphasized that voluntary disclosure does not exempt the assessee from penalty proceedings and that financial distress does not justify penalty cancellation. The appeal was dismissed, and the penalty was upheld. Case-Laws Income Tax Tue, 25 Aug 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=397787