https://www.taxtmi.com/caselaws?id=445958 ITAT Jaipur-AT deleted penalty under section 271(1)(c) where assessee voluntarily surrendered income while filing return in response to notice under section 153A. The assessee had filed revised computation adding short-term capital gains and minor rental/interest income during assessment proceedings. The tribunal held that voluntary surrender and correction of bona fide mistakes cannot constitute concealment or furnishing inaccurate particulars with deliberate intent. Following precedents from Gujarat HC in Kirit Dahyabhai Patel and Gujarat State Electricity Corporation cases, the tribunal ruled no penalty applies when assessee corrects genuine errors without willful concealment attempt. Appeal decided in favor of assessee. en-us Thu, 24 Aug 2023 00:00:00 +0530 Wed, 22 Nov 2023 10:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=445958 ITAT Jaipur-AT deleted penalty under section 271(1)(c) where assessee voluntarily surrendered income while filing return in response to notice under section 153A. The assessee had filed revised computation adding short-term capital gains and minor rental/interest income during assessment proceedings. The tribunal held that voluntary surrender and correction of bona fide mistakes cannot constitute concealment or furnishing inaccurate particulars with deliberate intent. Following precedents from Gujarat HC in Kirit Dahyabhai Patel and Gujarat State Electricity Corporation cases, the tribunal ruled no penalty applies when assessee corrects genuine errors without willful concealment attempt. Appeal decided in favor of assessee. Case-Laws Income Tax Thu, 24 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=445958