https://www.taxtmi.com/caselaws?id=438688 The ITAT allowed the appeal of the assessee and deleted the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961. The ITAT held that the penalty was not justified as the revised return disclosing capital gains was not filed in response to the department's notice and there was no evidence that the assessee was aware of the reason for the assessment proceedings. The decision overturned the CIT(A)'s confirmation of the penalty, emphasizing the lack of voluntary disclosure before detection by the assessing officer. en-us Tue, 16 May 2023 00:00:00 +0530 Tue, 06 Jun 2023 10:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=438688 The ITAT allowed the appeal of the assessee and deleted the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961. The ITAT held that the penalty was not justified as the revised return disclosing capital gains was not filed in response to the department's notice and there was no evidence that the assessee was aware of the reason for the assessment proceedings. The decision overturned the CIT(A)'s confirmation of the penalty, emphasizing the lack of voluntary disclosure before detection by the assessing officer. Case-Laws Income Tax Tue, 16 May 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=438688