https://www.taxtmi.com/caselaws?id=59641 The Tribunal reversed the CIT(A)'s orders and canceled the penalties imposed under section 271(1)(c) for assessment years 1980-81 and 1982-83. The Tribunal found that the penalties were unjustified as the loans were legitimate, evidenced by account payee cheques and PAN numbers. The disclosure of additional income was deemed voluntary, except for the loans from creditors who denied them. The Tribunal concluded that the penalties were not warranted, and the appeals filed by the assessee were allowed. en-us Wed, 26 Feb 2003 00:00:00 +0530 Fri, 31 Dec 2010 12:48:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59641 The Tribunal reversed the CIT(A)'s orders and canceled the penalties imposed under section 271(1)(c) for assessment years 1980-81 and 1982-83. The Tribunal found that the penalties were unjustified as the loans were legitimate, evidenced by account payee cheques and PAN numbers. The disclosure of additional income was deemed voluntary, except for the loans from creditors who denied them. The Tribunal concluded that the penalties were not warranted, and the appeals filed by the assessee were allowed. Case-Laws Income Tax Wed, 26 Feb 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59641