https://www.taxtmi.com/caselaws?id=330142 The Tribunal overturned the penalty imposed under section 271(1)(c) for alleged concealment of income. It found that the appellant, a layman from a rural background, had acted in good faith based on professional advice and promptly rectified the situation upon realizing the correct legal position. Emphasizing the lack of evidence to prove intentional wrongdoing, the Tribunal concluded that no concealment or furnishing of inaccurate particulars occurred. Therefore, the penalty was deemed unjustified, and the appellant's appeal was allowed, directing the deletion of the penalty. en-us Wed, 13 Jul 2016 00:00:00 +0530 Tue, 19 Jul 2016 13:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=330142 The Tribunal overturned the penalty imposed under section 271(1)(c) for alleged concealment of income. It found that the appellant, a layman from a rural background, had acted in good faith based on professional advice and promptly rectified the situation upon realizing the correct legal position. Emphasizing the lack of evidence to prove intentional wrongdoing, the Tribunal concluded that no concealment or furnishing of inaccurate particulars occurred. Therefore, the penalty was deemed unjustified, and the appellant's appeal was allowed, directing the deletion of the penalty. Case-Laws Income Tax Wed, 13 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=330142