https://www.taxtmi.com/caselaws?id=431884 The Tribunal ruled in favor of the assessee in a case concerning a penalty imposed under section 271(1)(c) of the Income Tax Act, 1961 for A.Y. 2016-17. The penalty amounting to Rs. 3,56,768 was contested based on discrepancies in the assessment order and the revised return filed after a search. The Tribunal quashed the penalty, emphasizing that the revised return rectified the initial non-disclosure and there was a lack of incriminating evidence to support the penalty. The decision was in favor of the assessee, highlighting the importance of rectification through revised returns. en-us Thu, 08 Dec 2022 00:00:00 +0530 Thu, 22 Dec 2022 21:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=431884 The Tribunal ruled in favor of the assessee in a case concerning a penalty imposed under section 271(1)(c) of the Income Tax Act, 1961 for A.Y. 2016-17. The penalty amounting to Rs. 3,56,768 was contested based on discrepancies in the assessment order and the revised return filed after a search. The Tribunal quashed the penalty, emphasizing that the revised return rectified the initial non-disclosure and there was a lack of incriminating evidence to support the penalty. The decision was in favor of the assessee, highlighting the importance of rectification through revised returns. Case-Laws Income Tax Thu, 08 Dec 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=431884