https://www.taxtmi.com/caselaws?id=463628 ITAT set aside CIT(A)'s order and deleted penalty under s.271(1)(c), holding the additions and penalty were not automatic. The assessee, a senior citizen, voluntarily offered income arising from sale of inherited jewellery and paid tax before completion of assessment; explanations were held bona fide. AO relied solely on AIR information without independent investigation. Given the voluntary disclosure, payment of tax, genuine explanation and relevant case law recognizing penalty proceedings as distinct, the tribunal directed AO to delete the penalty and allowed the appeal. en-us Tue, 24 May 2016 00:00:00 +0530 Tue, 09 Sep 2025 19:02:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=463628 ITAT set aside CIT(A)'s order and deleted penalty under s.271(1)(c), holding the additions and penalty were not automatic. The assessee, a senior citizen, voluntarily offered income arising from sale of inherited jewellery and paid tax before completion of assessment; explanations were held bona fide. AO relied solely on AIR information without independent investigation. Given the voluntary disclosure, payment of tax, genuine explanation and relevant case law recognizing penalty proceedings as distinct, the tribunal directed AO to delete the penalty and allowed the appeal. Case-Laws Income Tax Tue, 24 May 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=463628