https://www.taxtmi.com/caselaws?id=186934 The Tribunal allowed both appeals of the assessee, canceling the penalty orders. It held that the revised returns, treated as invalid, could not be the basis for penalty under section 271(1)(c) of the Income-tax Act. The Tribunal found no concealment of income or furnishing of inaccurate particulars, considering the assessee's bona fide explanation and the debatable nature of the issues. en-us Thu, 07 May 2009 00:00:00 +0530 Tue, 04 Oct 2016 17:42:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=186934 The Tribunal allowed both appeals of the assessee, canceling the penalty orders. It held that the revised returns, treated as invalid, could not be the basis for penalty under section 271(1)(c) of the Income-tax Act. The Tribunal found no concealment of income or furnishing of inaccurate particulars, considering the assessee's bona fide explanation and the debatable nature of the issues. Case-Laws Income Tax Thu, 07 May 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=186934