https://www.taxtmi.com/caselaws?id=9440 The court ruled in favor of the assessee, finding that the penalty imposed under section 271(1)(c) of the Income-tax Act, 1961 was unjustified as the mistake in income declaration was deemed bona fide. The court held that as the concealment was not detected before the revised return was filed within the statutory period, the penalty for the original return could not be upheld. The Tribunal's decision to restore the penalty order was overturned, and the court decided against the Revenue, concluding that there would be no costs awarded in the matter. en-us Tue, 15 Mar 2005 00:00:00 +0530 Mon, 22 Jun 2009 18:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9440 The court ruled in favor of the assessee, finding that the penalty imposed under section 271(1)(c) of the Income-tax Act, 1961 was unjustified as the mistake in income declaration was deemed bona fide. The court held that as the concealment was not detected before the revised return was filed within the statutory period, the penalty for the original return could not be upheld. The Tribunal's decision to restore the penalty order was overturned, and the court decided against the Revenue, concluding that there would be no costs awarded in the matter. Case-Laws Income Tax Tue, 15 Mar 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9440