https://www.taxtmi.com/caselaws?id=63979 The SC examined penalty proceedings under section 271(1)(c) for two assessment years. The Tribunal found no deliberate concealment of income, as the assessee disclosed all material facts and made bona fide claims. The revenue authorities failed to establish false or unsubstantiated explanations. Consequently, the penalties for both assessment years were cancelled, affirming the importance of good faith in tax proceedings. en-us Mon, 23 Aug 1993 00:00:00 +0530 Mon, 12 May 2025 10:39:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63979 The SC examined penalty proceedings under section 271(1)(c) for two assessment years. The Tribunal found no deliberate concealment of income, as the assessee disclosed all material facts and made bona fide claims. The revenue authorities failed to establish false or unsubstantiated explanations. Consequently, the penalties for both assessment years were cancelled, affirming the importance of good faith in tax proceedings. Case-Laws Income Tax Mon, 23 Aug 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63979