https://www.taxtmi.com/caselaws?id=756838 ITAT Hyderabad allowed the assessee's appeal against penalty under section 271(1)(c) for alleged concealment of income. The tribunal held that voluntary surrender of income in good faith to cooperate with the department cannot be considered concealment. The AO failed to prove concealment and merely concluded based on voluntary surrender, which does not constitute deemed concealment under Explanation 5A. Following CIT vs. Suresh Chand Mittal precedent, the tribunal directed deletion of the penalty, setting aside CIT(A)'s order that had sustained the penalty without proper appreciation of facts. en-us Wed, 07 Aug 2024 00:00:00 +0530 Fri, 09 Aug 2024 12:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756838 ITAT Hyderabad allowed the assessee's appeal against penalty under section 271(1)(c) for alleged concealment of income. The tribunal held that voluntary surrender of income in good faith to cooperate with the department cannot be considered concealment. The AO failed to prove concealment and merely concluded based on voluntary surrender, which does not constitute deemed concealment under Explanation 5A. Following CIT vs. Suresh Chand Mittal precedent, the tribunal directed deletion of the penalty, setting aside CIT(A)'s order that had sustained the penalty without proper appreciation of facts. Case-Laws Income Tax Wed, 07 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756838