https://www.taxtmi.com/caselaws?id=235260 The Court dismissed the Revenue's appeal against the deletion of penalty under Section 271(1)(c) for Assessment Year 1992-93. It found no concealment or inaccurate particulars of income by the respondent assessee, emphasizing that the goodwill amount was fully disclosed in their returns. The Court held that penalty under the Act necessitates concealment or furnishing inaccurate particulars, which was not evident in this case. Relying on precedent, the Court concluded that no penalty was justified, supporting the respondent's reasonable interpretation of the tax provisions. en-us Mon, 24 Jun 2013 00:00:00 +0530 Mon, 15 Jul 2013 15:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=235260 The Court dismissed the Revenue's appeal against the deletion of penalty under Section 271(1)(c) for Assessment Year 1992-93. It found no concealment or inaccurate particulars of income by the respondent assessee, emphasizing that the goodwill amount was fully disclosed in their returns. The Court held that penalty under the Act necessitates concealment or furnishing inaccurate particulars, which was not evident in this case. Relying on precedent, the Court concluded that no penalty was justified, supporting the respondent's reasonable interpretation of the tax provisions. Case-Laws Income Tax Mon, 24 Jun 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=235260