https://www.taxtmi.com/caselaws?id=69273 The Tribunal upheld the decision to cancel penalties under section 271(1)(c) of the IT Act for the assessment years 1970-71, 1971-72, and 1972-73. The case revolved around whether the assessee concealed income by not showing interest on an accrual basis. Despite the Revenue's argument, the Tribunal found the assessee had a genuine belief in reporting interest only on a receipt basis, leading to the non-reporting of interest income on a due basis. Consequently, the penalties were deemed inapplicable, and the appeals were dismissed. en-us Thu, 10 May 1979 00:00:00 +0530 Wed, 06 Apr 2011 10:42:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69273 The Tribunal upheld the decision to cancel penalties under section 271(1)(c) of the IT Act for the assessment years 1970-71, 1971-72, and 1972-73. The case revolved around whether the assessee concealed income by not showing interest on an accrual basis. Despite the Revenue's argument, the Tribunal found the assessee had a genuine belief in reporting interest only on a receipt basis, leading to the non-reporting of interest income on a due basis. Consequently, the penalties were deemed inapplicable, and the appeals were dismissed. Case-Laws Income Tax Thu, 10 May 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69273