https://www.taxtmi.com/caselaws?id=69797 The tribunal ruled in favor of the appellant, canceling penalties imposed under section 271(1)(c) of the IT Act for alleged income concealment. The appellant's explanation of a bona fide impression regarding rental income from a property used for business, coupled with prompt rectification of the omission, convinced the tribunal of the lack of intent to evade tax. Emphasizing the negligible amount involved and absence of mens rea, the tribunal found the penalties unwarranted and directed for their cancellation, with a refund if already paid. The judgment highlights the significance of genuine conduct and absence of deliberate evasion in penalty assessments for income concealment. en-us Fri, 26 Jun 1981 00:00:00 +0530 Tue, 12 Apr 2011 11:38:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69797 The tribunal ruled in favor of the appellant, canceling penalties imposed under section 271(1)(c) of the IT Act for alleged income concealment. The appellant's explanation of a bona fide impression regarding rental income from a property used for business, coupled with prompt rectification of the omission, convinced the tribunal of the lack of intent to evade tax. Emphasizing the negligible amount involved and absence of mens rea, the tribunal found the penalties unwarranted and directed for their cancellation, with a refund if already paid. The judgment highlights the significance of genuine conduct and absence of deliberate evasion in penalty assessments for income concealment. Case-Laws Income Tax Fri, 26 Jun 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69797