https://www.taxtmi.com/caselaws?id=259996 The court ruled in favor of the respondent, a bank, in a case concerning penalty imposition for concealment of income under Section 271(1)(c) of the Income Tax Act, 1961. The court found that the revised return filed by the respondent, rectifying the initial error of declaring no taxable income, was done promptly and without any intent to conceal income. As the return ultimately disclosed accurate income with no inaccurate details, the court deemed the penalty unwarranted. The court emphasized the need for inaccurate particulars of income to impose a penalty under Section 271(1)(c) and dismissed the appeal, stating no substantial question of law required further adjudication. en-us Fri, 01 May 2015 00:00:00 +0530 Thu, 28 May 2015 06:34:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=259996 The court ruled in favor of the respondent, a bank, in a case concerning penalty imposition for concealment of income under Section 271(1)(c) of the Income Tax Act, 1961. The court found that the revised return filed by the respondent, rectifying the initial error of declaring no taxable income, was done promptly and without any intent to conceal income. As the return ultimately disclosed accurate income with no inaccurate details, the court deemed the penalty unwarranted. The court emphasized the need for inaccurate particulars of income to impose a penalty under Section 271(1)(c) and dismissed the appeal, stating no substantial question of law required further adjudication. Case-Laws Income Tax Fri, 01 May 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=259996