https://www.taxtmi.com/caselaws?id=8940 The High Court ruled in favor of the assessees, holding that penalty under section 271(1)(c) of the Income-tax Act was not applicable in the cases of Bakshi Mohd. Yusuf and Bakshi Mohd. Shafi. The court emphasized the necessity of deliberate and wilful conduct for penalty imposition, citing legal precedents and interpreting the relevant provisions. The errors in not disclosing profits were deemed insufficient to constitute deliberate misconduct, especially as the returns were properly signed and verified. The court concluded that the penalties imposed by the Tribunal should be deleted. en-us Wed, 11 Jul 1973 00:00:00 +0530 Wed, 17 Jun 2009 15:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8940 The High Court ruled in favor of the assessees, holding that penalty under section 271(1)(c) of the Income-tax Act was not applicable in the cases of Bakshi Mohd. Yusuf and Bakshi Mohd. Shafi. The court emphasized the necessity of deliberate and wilful conduct for penalty imposition, citing legal precedents and interpreting the relevant provisions. The errors in not disclosing profits were deemed insufficient to constitute deliberate misconduct, especially as the returns were properly signed and verified. The court concluded that the penalties imposed by the Tribunal should be deleted. Case-Laws Income Tax Wed, 11 Jul 1973 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8940