https://www.taxtmi.com/caselaws?id=436012 The Tribunal allowed the appeal of the Non-Resident Indian (NRI) against the penalty imposed under section 271(1)(c) of the Income Tax Act for the assessment year 2012-13. The Tribunal found that the NRI had voluntarily disclosed the capital gains and paid the due tax before assessment completion, demonstrating no intention to evade tax. Relying on legal precedents, the Tribunal held the NRI's actions were bona fide and directed the Assessing Officer to delete the entire penalty under section 271(1)(c) of the Act. As a result, the penalty was set aside. en-us Thu, 30 Mar 2023 00:00:00 +0530 Sat, 01 Apr 2023 08:22:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=436012 The Tribunal allowed the appeal of the Non-Resident Indian (NRI) against the penalty imposed under section 271(1)(c) of the Income Tax Act for the assessment year 2012-13. The Tribunal found that the NRI had voluntarily disclosed the capital gains and paid the due tax before assessment completion, demonstrating no intention to evade tax. Relying on legal precedents, the Tribunal held the NRI's actions were bona fide and directed the Assessing Officer to delete the entire penalty under section 271(1)(c) of the Act. As a result, the penalty was set aside. Case-Laws Income Tax Thu, 30 Mar 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=436012