https://www.taxtmi.com/caselaws?id=429882 The Tribunal upheld the decision to delete the penalty under section 271(1)(c) imposed by the Assessing Officer for undisclosed income declared during survey operations. The Tribunal found that since the disclosed income was already included in the return of income, the penalty was not justified according to relevant case law. The appeal by the Revenue was dismissed, affirming the deletion of the penalty by the Commissioner of Income Tax (Appeals) based on the principle that complete disclosure in the return of income prevents the imposition of a penalty for concealment or furnishing inaccurate particulars of income. en-us Mon, 26 Sep 2022 00:00:00 +0530 Mon, 07 Nov 2022 09:12:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=429882 The Tribunal upheld the decision to delete the penalty under section 271(1)(c) imposed by the Assessing Officer for undisclosed income declared during survey operations. The Tribunal found that since the disclosed income was already included in the return of income, the penalty was not justified according to relevant case law. The appeal by the Revenue was dismissed, affirming the deletion of the penalty by the Commissioner of Income Tax (Appeals) based on the principle that complete disclosure in the return of income prevents the imposition of a penalty for concealment or furnishing inaccurate particulars of income. Case-Laws Income Tax Mon, 26 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=429882