https://www.taxtmi.com/caselaws?id=412245 The Tribunal allowed the appeal filed by the assessee, directing the deletion of the penalty imposed under Section 271(1)(c) of the Income Tax Act, 1961. The Tribunal emphasized that the penalty should be based on the assessed income under Section 153A, not the original return under Section 139. The Tribunal also dismissed the penalty on undisclosed income and deposits in the HSBC account, as well as the calculation of interest on foreign bank account balances. The decision was pronounced on 06.09.2021. en-us Mon, 06 Sep 2021 00:00:00 +0530 Tue, 14 Sep 2021 08:48:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=412245 The Tribunal allowed the appeal filed by the assessee, directing the deletion of the penalty imposed under Section 271(1)(c) of the Income Tax Act, 1961. The Tribunal emphasized that the penalty should be based on the assessed income under Section 153A, not the original return under Section 139. The Tribunal also dismissed the penalty on undisclosed income and deposits in the HSBC account, as well as the calculation of interest on foreign bank account balances. The decision was pronounced on 06.09.2021. Case-Laws Income Tax Mon, 06 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=412245