https://www.taxtmi.com/caselaws?id=404374 The Tribunal upheld the deletion of a penalty under Section 271(1)(c) of the Income Tax Act, 1961, imposed for alleged concealment of income. The CIT(A) ruled in favor of the assessee, citing the voluntary disclosure of additional income to avoid litigation. The penalty notice issued under Section 274 was deemed vague and legally unsustainable as it lacked specificity. Explanation 5A to Section 271(1)(c) was found inapplicable as the income was disclosed in the original return. The change in the head of income during the search was considered legitimate, leading to the dismissal of the revenue's appeal. en-us Fri, 13 Nov 2020 00:00:00 +0530 Sat, 20 Feb 2021 18:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=404374 The Tribunal upheld the deletion of a penalty under Section 271(1)(c) of the Income Tax Act, 1961, imposed for alleged concealment of income. The CIT(A) ruled in favor of the assessee, citing the voluntary disclosure of additional income to avoid litigation. The penalty notice issued under Section 274 was deemed vague and legally unsustainable as it lacked specificity. Explanation 5A to Section 271(1)(c) was found inapplicable as the income was disclosed in the original return. The change in the head of income during the search was considered legitimate, leading to the dismissal of the revenue's appeal. Case-Laws Income Tax Fri, 13 Nov 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=404374