High Court rules no penalty under Income Tax Act when facts show no concealed income

The High Court of Bombay upheld the deletion of penalty under Section 271(1)(c) of the Income Tax Act, ruling that no penalty should be imposed when facts are consistent with both concealed and non-concealed income. The appeal was dismissed with no costs.

---

---

The High Court of Bombay upheld the deletion of penalty under Section 271(1)(c) of the Income Tax Act. The Tribunal and Commissioner of Income Tax (A) found that no penalty should be imposed when facts are consistent with both concealed and non-concealed income. The appeal was dismissed with no costs.

---