https://www.taxtmi.com/caselaws?id=71421 The Tribunal upheld the cancellation of penalties imposed by the I.T.O. under Section 271(1)(c) for the assessment years in question. It was found that the assessee did not deliberately conceal income or furnish inaccurate particulars, but rather cooperated with the authorities by voluntarily filing revised returns upon realizing the correct method of accounting. The Tribunal concluded that penalties were not warranted in this case, dismissing the revenue's appeals. en-us Tue, 30 Jan 1990 00:00:00 +0530 Sat, 23 Apr 2011 13:15:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71421 The Tribunal upheld the cancellation of penalties imposed by the I.T.O. under Section 271(1)(c) for the assessment years in question. It was found that the assessee did not deliberately conceal income or furnish inaccurate particulars, but rather cooperated with the authorities by voluntarily filing revised returns upon realizing the correct method of accounting. The Tribunal concluded that penalties were not warranted in this case, dismissing the revenue's appeals. Case-Laws Income Tax Tue, 30 Jan 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71421