https://www.taxtmi.com/caselaws?id=66758 The appeal was filed against the order of CIT (Appeals)-I, Hyderabad for the assessment year 1977-78, concerning the penalty imposed on the assessee for understatement of profit due to incorrect accounting. The Tribunal found that the revised return filed by the assessee before any inquiry or discovery by the ITO indicated a proactive correction rather than intentional concealment. Emphasizing the absence of positive evidence of concealment and the rectification of accounting errors, the Tribunal ruled in favor of the assessee, canceling the penalty of Rs. 2,85,921. en-us Thu, 05 Jan 1984 00:00:00 +0530 Mon, 07 Mar 2011 11:14:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66758 The appeal was filed against the order of CIT (Appeals)-I, Hyderabad for the assessment year 1977-78, concerning the penalty imposed on the assessee for understatement of profit due to incorrect accounting. The Tribunal found that the revised return filed by the assessee before any inquiry or discovery by the ITO indicated a proactive correction rather than intentional concealment. Emphasizing the absence of positive evidence of concealment and the rectification of accounting errors, the Tribunal ruled in favor of the assessee, canceling the penalty of Rs. 2,85,921. Case-Laws Income Tax Thu, 05 Jan 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66758