https://www.taxtmi.com/caselaws?id=300975 The Tribunal allowed the appeal against the penalty imposed under section 271(1)(c) for Assessment Year 2005-06. The appellant, engaged in construction business, declared nil income initially but later disclosed income during assessment due to the inability to produce evidence. The Tribunal found the appellant's explanation bonafide, considering the nature of the construction business and voluntary disclosure. As there was no evidence of concealment by the Revenue, the penalty was deemed not applicable, and the appeal was allowed. en-us Fri, 09 Nov 2012 00:00:00 +0530 Sat, 05 Mar 2022 15:32:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=300975 The Tribunal allowed the appeal against the penalty imposed under section 271(1)(c) for Assessment Year 2005-06. The appellant, engaged in construction business, declared nil income initially but later disclosed income during assessment due to the inability to produce evidence. The Tribunal found the appellant's explanation bonafide, considering the nature of the construction business and voluntary disclosure. As there was no evidence of concealment by the Revenue, the penalty was deemed not applicable, and the appeal was allowed. Case-Laws Income Tax Fri, 09 Nov 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=300975