https://www.taxtmi.com/caselaws?id=754451 The ITAT Visakhapatnam dismissed the revenue's appeal regarding penalty under section 271(1)(c) imposed on a trust. The AO had added income based on the Managing Trustee's admission during search proceedings under section 132(4), finding cash collection charges constituted business activity not covered under trust exemptions. The CIT(A) deleted the penalty, concluding the assessee made a bonafide mistake in claiming exemption rather than deliberately concealing income. The ITAT upheld this decision, noting the trust disclosed all receipts in its return and complied with section 11(1) requirements. Following judicial precedent, mere admission of additional income during search proceedings cannot constitute concealment without incriminating material proving deliberate concealment. en-us Thu, 20 Jun 2024 00:00:00 +0530 Mon, 24 Jun 2024 21:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=754451 The ITAT Visakhapatnam dismissed the revenue's appeal regarding penalty under section 271(1)(c) imposed on a trust. The AO had added income based on the Managing Trustee's admission during search proceedings under section 132(4), finding cash collection charges constituted business activity not covered under trust exemptions. The CIT(A) deleted the penalty, concluding the assessee made a bonafide mistake in claiming exemption rather than deliberately concealing income. The ITAT upheld this decision, noting the trust disclosed all receipts in its return and complied with section 11(1) requirements. Following judicial precedent, mere admission of additional income during search proceedings cannot constitute concealment without incriminating material proving deliberate concealment. Case-Laws Income Tax Thu, 20 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=754451