https://www.taxtmi.com/caselaws?id=66111 The Tribunal concluded that there was clear concealment of income by the assessee for the assessment years 1972-73 to 1976-77. It determined that the returns filed on 1-5-1977 were neither voluntary nor in good faith. Additionally, the Tribunal found no oral agreement or understanding between the assessee and the Commissioner for the waiver of penalties. Despite the Tribunal canceling the penalties based on an alleged oral agreement, the Third Member disagreed, stating that the penalties were justified due to the concealment of income and the lack of voluntary and good faith in filing the returns. The matter was referred to the President of the Income-tax Appellate Tribunal for a final decision. en-us Mon, 31 Jul 1989 00:00:00 +0530 Mon, 21 Feb 2011 15:57:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66111 The Tribunal concluded that there was clear concealment of income by the assessee for the assessment years 1972-73 to 1976-77. It determined that the returns filed on 1-5-1977 were neither voluntary nor in good faith. Additionally, the Tribunal found no oral agreement or understanding between the assessee and the Commissioner for the waiver of penalties. Despite the Tribunal canceling the penalties based on an alleged oral agreement, the Third Member disagreed, stating that the penalties were justified due to the concealment of income and the lack of voluntary and good faith in filing the returns. The matter was referred to the President of the Income-tax Appellate Tribunal for a final decision. Case-Laws Income Tax Mon, 31 Jul 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66111