https://www.taxtmi.com/caselaws?id=752245 ITAT Mumbai held that penalty u/s 271(1)(c) for concealment of income was not justified where assessee voluntarily withdrew incorrect deductions u/s 80GGA and 35(1)(ii) and paid necessary taxes before issuance of notice u/s 148. The assessee had initially claimed deduction for donation to Navjeevan Charitable Trust which was later found providing bogus accommodation entries, and weighted deduction for donations to Rural Development Society. Since assessee voluntarily offered these deductions to tax before reassessment proceedings commenced, there was no concealment of income warranting penalty. Appeals decided in favour of assessee. en-us Fri, 03 May 2024 00:00:00 +0530 Mon, 06 May 2024 16:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752245 ITAT Mumbai held that penalty u/s 271(1)(c) for concealment of income was not justified where assessee voluntarily withdrew incorrect deductions u/s 80GGA and 35(1)(ii) and paid necessary taxes before issuance of notice u/s 148. The assessee had initially claimed deduction for donation to Navjeevan Charitable Trust which was later found providing bogus accommodation entries, and weighted deduction for donations to Rural Development Society. Since assessee voluntarily offered these deductions to tax before reassessment proceedings commenced, there was no concealment of income warranting penalty. Appeals decided in favour of assessee. Case-Laws Income Tax Fri, 03 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752245