https://www.taxtmi.com/caselaws?id=423492 The Tribunal allowed the appeal, deleting the penalty imposed under section 271(1)(c) of the Income Tax Act for the assessment year 2012-13. The penalty was initially imposed by the Deputy Commissioner of Income Tax but was confirmed by the CIT(A). The Tribunal ruled in favor of the assessee, highlighting the importance of full disclosure and the absence of concealment or inaccurate particulars of income in penalty cases. This decision was based on the assessee's complete disclosure of facts and the payment of tax on the disputed income in the subsequent year. en-us Fri, 20 May 2022 00:00:00 +0530 Wed, 08 Jun 2022 09:41:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=423492 The Tribunal allowed the appeal, deleting the penalty imposed under section 271(1)(c) of the Income Tax Act for the assessment year 2012-13. The penalty was initially imposed by the Deputy Commissioner of Income Tax but was confirmed by the CIT(A). The Tribunal ruled in favor of the assessee, highlighting the importance of full disclosure and the absence of concealment or inaccurate particulars of income in penalty cases. This decision was based on the assessee's complete disclosure of facts and the payment of tax on the disputed income in the subsequent year. Case-Laws Income Tax Fri, 20 May 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=423492