https://www.taxtmi.com/caselaws?id=61859 The Appellate Tribunal canceled the penalty imposed under section 271(1)(c) of the Income-tax Act, 1961, in a case where the appellant had disclosed a credit balance in their books of account but had not included speculation profits in the original return. The Tribunal found that the appellant's belief in deferring the inclusion of the balance was made in good faith, even though legally incorrect. Considering the voluntary filing of a revised return and the absence of deliberate income concealment, the Tribunal concluded that the penalty was unwarranted and set it aside. en-us Wed, 05 Oct 1994 00:00:00 +0530 Sat, 15 Jan 2011 16:53:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61859 The Appellate Tribunal canceled the penalty imposed under section 271(1)(c) of the Income-tax Act, 1961, in a case where the appellant had disclosed a credit balance in their books of account but had not included speculation profits in the original return. The Tribunal found that the appellant's belief in deferring the inclusion of the balance was made in good faith, even though legally incorrect. Considering the voluntary filing of a revised return and the absence of deliberate income concealment, the Tribunal concluded that the penalty was unwarranted and set it aside. Case-Laws Income Tax Wed, 05 Oct 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61859