https://www.taxtmi.com/caselaws?id=64126 Penalty under section 271(1)(c) was found unjustified where the assessee had openly disclosed bank interest as an estimated figure and the omission of a small annuity amount did not, on the record, show concealment or wilful neglect. The estimation disclosed in the return undermined any inference of deliberate suppression, and the annuity omission appeared inadvertent. In the absence of material proving intentional concealment, the benefit of doubt went to the assessee and the penalty was cancelled. en-us Tue, 30 Jan 1979 00:00:00 +0530 Thu, 03 Feb 2011 19:02:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=64126 Penalty under section 271(1)(c) was found unjustified where the assessee had openly disclosed bank interest as an estimated figure and the omission of a small annuity amount did not, on the record, show concealment or wilful neglect. The estimation disclosed in the return undermined any inference of deliberate suppression, and the annuity omission appeared inadvertent. In the absence of material proving intentional concealment, the benefit of doubt went to the assessee and the penalty was cancelled. Case-Laws Income Tax Tue, 30 Jan 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=64126