https://www.taxtmi.com/caselaws?id=216781 The High Court upheld the decision of the CIT (A) and ITAT, ruling that the assessee's correction of status disclosure in the return, promptly after detection by the AO, did not constitute deliberate concealment of income. The Court emphasized that the mere incorrect claim, corrected in time and without revenue loss, did not warrant a penalty under Section 271 (1) (c) of the Income Tax Act. The imposition of the penalty was deemed unjustified, leading to the dismissal of the Income Tax Appeal for lack of substantial legal questions. en-us Thu, 13 Sep 2012 00:00:00 +0530 Thu, 20 Sep 2012 16:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=216781 The High Court upheld the decision of the CIT (A) and ITAT, ruling that the assessee's correction of status disclosure in the return, promptly after detection by the AO, did not constitute deliberate concealment of income. The Court emphasized that the mere incorrect claim, corrected in time and without revenue loss, did not warrant a penalty under Section 271 (1) (c) of the Income Tax Act. The imposition of the penalty was deemed unjustified, leading to the dismissal of the Income Tax Appeal for lack of substantial legal questions. Case-Laws Income Tax Thu, 13 Sep 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=216781