https://www.taxtmi.com/caselaws?id=61200 The Tribunal allowed the appeal, setting aside the penalty imposed on the assessee under section 271(1)(c) of the IT Act, 1961. The Tribunal found that the assessee had disclosed all material facts regarding property transactions to the ITO during the original assessment proceedings, and the penalty imposition lacked proper consideration of evidence by the authorities. Additionally, the Tribunal rejected the Revenue's attempt to convert the penalty into an order under the Explanation to section 271(1)(c) due to lack of procedural fairness and the need for further investigation beyond its scope. en-us Sat, 19 Jun 1982 00:00:00 +0530 Tue, 11 Jan 2011 12:49:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61200 The Tribunal allowed the appeal, setting aside the penalty imposed on the assessee under section 271(1)(c) of the IT Act, 1961. The Tribunal found that the assessee had disclosed all material facts regarding property transactions to the ITO during the original assessment proceedings, and the penalty imposition lacked proper consideration of evidence by the authorities. Additionally, the Tribunal rejected the Revenue's attempt to convert the penalty into an order under the Explanation to section 271(1)(c) due to lack of procedural fairness and the need for further investigation beyond its scope. Case-Laws Income Tax Sat, 19 Jun 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61200