https://www.taxtmi.com/caselaws?id=215086 Penalty under section 271(1)(c) was held unsustainable where the assessee disclosed the freight receipts, computed presumptive income, and claimed treaty exemption on the basis of a tax residency certificate and an exemption certificate earlier issued by the department. A mere failure of the legal claim in assessment did not establish concealment or furnishing of inaccurate particulars, and the Revenue did not show that the explanation was false or lacking bona fides. Penalty was also impermissible in the hands of both the principal and the agent for the same income, as the representative-assessee framework did not justify duplicate penal action. en-us Wed, 27 Jun 2012 00:00:00 +0530 Tue, 24 Jul 2012 16:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=215086 Penalty under section 271(1)(c) was held unsustainable where the assessee disclosed the freight receipts, computed presumptive income, and claimed treaty exemption on the basis of a tax residency certificate and an exemption certificate earlier issued by the department. A mere failure of the legal claim in assessment did not establish concealment or furnishing of inaccurate particulars, and the Revenue did not show that the explanation was false or lacking bona fides. Penalty was also impermissible in the hands of both the principal and the agent for the same income, as the representative-assessee framework did not justify duplicate penal action. Case-Laws Income Tax Wed, 27 Jun 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=215086