https://www.taxtmi.com/caselaws?id=404463 The tribunal ruled in favor of the assessee, dismissing the appeal against the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961. It held that since the assessee had made a complete disclosure of the additional income in the return and offered the surrendered amount for tax, there was no concealment or non-disclosure of income. Citing legal provisions and precedents, the tribunal emphasized that penalty cannot be imposed based on assumptions and strict interpretation is required. The tribunal concluded that no penalty would be applicable in this case, following the judgment by the Gujarat High Court, and allowed the appeal on 23/02/2021. en-us Tue, 23 Feb 2021 00:00:00 +0530 Wed, 24 Feb 2021 09:42:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=404463 The tribunal ruled in favor of the assessee, dismissing the appeal against the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961. It held that since the assessee had made a complete disclosure of the additional income in the return and offered the surrendered amount for tax, there was no concealment or non-disclosure of income. Citing legal provisions and precedents, the tribunal emphasized that penalty cannot be imposed based on assumptions and strict interpretation is required. The tribunal concluded that no penalty would be applicable in this case, following the judgment by the Gujarat High Court, and allowed the appeal on 23/02/2021. Case-Laws Income Tax Tue, 23 Feb 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=404463