https://www.taxtmi.com/caselaws?id=201631 The Supreme Court clarified the conditions for imposing a penalty under Section 271(1)(c) of the Income Tax Act, emphasizing the necessity of mens rea for concealment or inaccurate particulars. In this case, the Tribunal found no concealment or inaccuracies in the assessee's return, as all facts were disclosed with bonafide intentions. The appeal against the penalty was dismissed, ruling in favor of the respondent-assessee, who was not held liable for the penalty under Section 271(1)(c) of the Act. en-us Tue, 28 Sep 2010 00:00:00 +0530 Mon, 31 Oct 2011 11:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=201631 The Supreme Court clarified the conditions for imposing a penalty under Section 271(1)(c) of the Income Tax Act, emphasizing the necessity of mens rea for concealment or inaccurate particulars. In this case, the Tribunal found no concealment or inaccuracies in the assessee's return, as all facts were disclosed with bonafide intentions. The appeal against the penalty was dismissed, ruling in favor of the respondent-assessee, who was not held liable for the penalty under Section 271(1)(c) of the Act. Case-Laws Income Tax Tue, 28 Sep 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=201631