https://www.taxtmi.com/caselaws?id=68892 Penalty for wilful suppression was held unsustainable where the disputed transfer sales were fully recorded in the books and had been examined in the original assessment. The later treatment of those transactions as sales did not, by itself, establish deliberate concealment. The decisive factor was that the omission from monthly returns was not shown to be intentional and was consistent with a bona fide view that the transactions were not taxable sales. On those facts, the penalty claim failed and the issue was resolved in favour of the assessees. en-us Sat, 04 Sep 1976 00:00:00 +0530 Sat, 02 Apr 2011 12:24:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=68892 Penalty for wilful suppression was held unsustainable where the disputed transfer sales were fully recorded in the books and had been examined in the original assessment. The later treatment of those transactions as sales did not, by itself, establish deliberate concealment. The decisive factor was that the omission from monthly returns was not shown to be intentional and was consistent with a bona fide view that the transactions were not taxable sales. On those facts, the penalty claim failed and the issue was resolved in favour of the assessees. Case-Laws Income Tax Sat, 04 Sep 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=68892