https://www.taxtmi.com/caselaws?id=756650 ITAT Jaipur ruled in favor of the assessee regarding penalty under section 271(1)(c). The assessee filed a return in response to section 148 notice, disclosing additional income. Since the assessment was completed without any changes to the returned income and the assessee paid tax with interest, the disclosure was deemed voluntary and made in good faith. Following precedents from Rajasthan HC and Gujarat HC, the tribunal held that no penalty applies when correct income is disclosed during reassessment proceedings and accepted by revenue without modification. en-us Mon, 22 Jul 2024 00:00:00 +0530 Tue, 06 Aug 2024 13:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756650 ITAT Jaipur ruled in favor of the assessee regarding penalty under section 271(1)(c). The assessee filed a return in response to section 148 notice, disclosing additional income. Since the assessment was completed without any changes to the returned income and the assessee paid tax with interest, the disclosure was deemed voluntary and made in good faith. Following precedents from Rajasthan HC and Gujarat HC, the tribunal held that no penalty applies when correct income is disclosed during reassessment proceedings and accepted by revenue without modification. Case-Laws Income Tax Mon, 22 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756650