https://www.taxtmi.com/caselaws?id=70944 The Tribunal concluded that no penalties under Section 271(1)(c) were applicable for the assessment years 1968-69 and 1970-71. The penalties were canceled, and the appeals were allowed. The Tribunal emphasized that the assessee's bona fide belief and legal contentions raised did not constitute concealment of income or gross or willful neglect. en-us Wed, 31 Jan 1979 00:00:00 +0530 Wed, 20 Apr 2011 12:22:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70944 The Tribunal concluded that no penalties under Section 271(1)(c) were applicable for the assessment years 1968-69 and 1970-71. The penalties were canceled, and the appeals were allowed. The Tribunal emphasized that the assessee's bona fide belief and legal contentions raised did not constitute concealment of income or gross or willful neglect. Case-Laws Income Tax Wed, 31 Jan 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70944