https://www.taxtmi.com/caselaws?id=408359 The Tribunal upheld the deletion of the penalty under section 271(1)(c) of the Income Tax Act for disclosed unaccounted income during a survey action. Emphasizing the need for actual concealment or non-disclosure evident from the filed return, the Tribunal dismissed the Revenue's appeal. The decision highlighted that penalty proceedings are distinct from assessment proceedings and that inclusion of disclosed income in the return, accepted by the Department, does not warrant a penalty for concealment or furnishing inaccurate particulars. en-us Mon, 31 May 2021 00:00:00 +0530 Tue, 08 Jun 2021 09:10:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=408359 The Tribunal upheld the deletion of the penalty under section 271(1)(c) of the Income Tax Act for disclosed unaccounted income during a survey action. Emphasizing the need for actual concealment or non-disclosure evident from the filed return, the Tribunal dismissed the Revenue's appeal. The decision highlighted that penalty proceedings are distinct from assessment proceedings and that inclusion of disclosed income in the return, accepted by the Department, does not warrant a penalty for concealment or furnishing inaccurate particulars. Case-Laws Income Tax Mon, 31 May 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=408359