https://www.taxtmi.com/caselaws?id=440937 The Tribunal upheld the deletion of penalty under section 271(1)(c) of the Income Tax Act for the assessment year 1997-98. The case involved undisclosed foreign bank accounts with HSBC Bank, Geneva, discovered through India-France Double Taxation Avoidance Agreement information. Despite reassessment and initial addition by the AO, the CIT(A) deleted the addition, leading to the deletion of the penalty. The Tribunal found the AO's addition beyond jurisdiction, rendering the penalty unsustainable. Consequently, the Revenue's appeal was dismissed, affirming the deletion of the penalty. en-us Thu, 27 Jul 2023 00:00:00 +0530 Sat, 29 Jul 2023 08:11:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=440937 The Tribunal upheld the deletion of penalty under section 271(1)(c) of the Income Tax Act for the assessment year 1997-98. The case involved undisclosed foreign bank accounts with HSBC Bank, Geneva, discovered through India-France Double Taxation Avoidance Agreement information. Despite reassessment and initial addition by the AO, the CIT(A) deleted the addition, leading to the deletion of the penalty. The Tribunal found the AO's addition beyond jurisdiction, rendering the penalty unsustainable. Consequently, the Revenue's appeal was dismissed, affirming the deletion of the penalty. Case-Laws Income Tax Thu, 27 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=440937