https://www.taxtmi.com/caselaws?id=67310 Penalty under section 271(1)(c) was held unsustainable where the assessees did not consciously conceal or suppress income by omitting interest income earned by their wives and includible under section 64(iii). The tribunal accepted that the assessees had returned substantial income and held a bona fide belief that the wives' interest income was not part of their total income. The later legal position for an earlier year was not available when the returns were filed, and the failure to revise the returns was treated as a lapse arising from want of proper legal advice, not deliberate furnishing of inaccurate particulars. The penalties were cancelled. en-us Thu, 18 Jan 1979 00:00:00 +0530 Thu, 10 Mar 2011 10:19:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67310 Penalty under section 271(1)(c) was held unsustainable where the assessees did not consciously conceal or suppress income by omitting interest income earned by their wives and includible under section 64(iii). The tribunal accepted that the assessees had returned substantial income and held a bona fide belief that the wives' interest income was not part of their total income. The later legal position for an earlier year was not available when the returns were filed, and the failure to revise the returns was treated as a lapse arising from want of proper legal advice, not deliberate furnishing of inaccurate particulars. The penalties were cancelled. Case-Laws Income Tax Thu, 18 Jan 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67310