https://www.taxtmi.com/caselaws?id=63592 The Tribunal ruled in favor of the partners, finding that the omission to declare share income from a firm in their assessment was a bona fide mistake rather than deliberate concealment. As a result, penalties under section 271(1)(c) of the IT Act, 1961 were deemed not leviable, and the appeals were allowed. The Tribunal considered the partners' substantial income history and the circumstances of the newly formed firm in reaching this decision. en-us Fri, 08 Aug 1975 00:00:00 +0530 Mon, 31 Jan 2011 18:57:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63592 The Tribunal ruled in favor of the partners, finding that the omission to declare share income from a firm in their assessment was a bona fide mistake rather than deliberate concealment. As a result, penalties under section 271(1)(c) of the IT Act, 1961 were deemed not leviable, and the appeals were allowed. The Tribunal considered the partners' substantial income history and the circumstances of the newly formed firm in reaching this decision. Case-Laws Income Tax Fri, 08 Aug 1975 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63592