https://www.taxtmi.com/caselaws?id=65542 The Tribunal upheld the cancellation of a penalty of Rs. 35,51,000 imposed on the assessee under section 271(1)(c) of the Income Tax Act. It was determined that no concealment of income occurred as the assessed income was nil after adjusting losses, and there was no deliberate concealment or furnishing of inaccurate particulars. The Tribunal dismissed the Revenue's appeal, emphasizing that the revised computation of income was filed in good faith to correct inadvertent errors. en-us Fri, 19 Oct 2007 00:00:00 +0530 Wed, 25 Jul 2012 12:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65542 The Tribunal upheld the cancellation of a penalty of Rs. 35,51,000 imposed on the assessee under section 271(1)(c) of the Income Tax Act. It was determined that no concealment of income occurred as the assessed income was nil after adjusting losses, and there was no deliberate concealment or furnishing of inaccurate particulars. The Tribunal dismissed the Revenue's appeal, emphasizing that the revised computation of income was filed in good faith to correct inadvertent errors. Case-Laws Income Tax Fri, 19 Oct 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65542