https://www.taxtmi.com/caselaws?id=304012 The Tribunal set aside the penalty imposed under section 271(1)(c) of the Income Tax Act, finding that the assessee's voluntary disclosure of additional income, made to avoid litigation, did not amount to concealment of income. The Tribunal noted the assessee's admission of the additional income during assessment proceedings and emphasized that the purchases were made through legitimate banking channels. Relying on case laws, the Tribunal concluded that the penalty was unwarranted in this case, ruling in favor of the assessee. en-us Fri, 04 Dec 2015 00:00:00 +0530 Thu, 01 Sep 2022 06:49:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=304012 The Tribunal set aside the penalty imposed under section 271(1)(c) of the Income Tax Act, finding that the assessee's voluntary disclosure of additional income, made to avoid litigation, did not amount to concealment of income. The Tribunal noted the assessee's admission of the additional income during assessment proceedings and emphasized that the purchases were made through legitimate banking channels. Relying on case laws, the Tribunal concluded that the penalty was unwarranted in this case, ruling in favor of the assessee. Case-Laws Income Tax Fri, 04 Dec 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=304012