https://www.taxtmi.com/caselaws?id=56093 The Tribunal cancelled the penalty levied under Section 271(1)(c) of the Income-tax Act, 1961, due to the assessee's voluntary disclosure and good faith intentions. The Tribunal found that the assessee had satisfactorily proved that the concealed income did not result from fraud or neglect, thereby discharging the burden placed by the explanation to Section 271(1)(c). The order under appeal was set aside, and the penalty was cancelled, with the appeal being allowed. en-us Tue, 03 Jul 1990 00:00:00 +0530 Wed, 01 Dec 2010 15:37:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56093 The Tribunal cancelled the penalty levied under Section 271(1)(c) of the Income-tax Act, 1961, due to the assessee's voluntary disclosure and good faith intentions. The Tribunal found that the assessee had satisfactorily proved that the concealed income did not result from fraud or neglect, thereby discharging the burden placed by the explanation to Section 271(1)(c). The order under appeal was set aside, and the penalty was cancelled, with the appeal being allowed. Case-Laws Income Tax Tue, 03 Jul 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56093