https://www.taxtmi.com/caselaws?id=299008 The Tribunal upheld the orders of the ld. CIT(Appeals) cancelling penalties imposed by the Assessing Officer under section 271(1)(c) for the assessment years 2006-07 and 2007-08. The penalties were invalidated due to procedural lapses in issuing show-cause notices under section 274 and the voluntary nature of the assessee's declaration regarding the undisclosed foreign bank account. The penalties were cancelled as there was no concealment of income or filing of inaccurate particulars by the assessee. The Revenue's appeals were dismissed, and the Cross Objections filed by the assessee were allowed. en-us Fri, 22 Sep 2017 00:00:00 +0530 Wed, 01 Dec 2021 08:49:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=299008 The Tribunal upheld the orders of the ld. CIT(Appeals) cancelling penalties imposed by the Assessing Officer under section 271(1)(c) for the assessment years 2006-07 and 2007-08. The penalties were invalidated due to procedural lapses in issuing show-cause notices under section 274 and the voluntary nature of the assessee's declaration regarding the undisclosed foreign bank account. The penalties were cancelled as there was no concealment of income or filing of inaccurate particulars by the assessee. The Revenue's appeals were dismissed, and the Cross Objections filed by the assessee were allowed. Case-Laws Income Tax Fri, 22 Sep 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=299008