https://www.taxtmi.com/caselaws?id=194164 The court ruled in favor of the assessee, overturning the penalty imposed by the Department under section 271(1)(c) of the Income-tax Act. The court found that the assessee's declaration was made under the advice of a chartered accountant and was rectified subsequently, indicating no intention of wilful concealment. Relying on precedent cases, the court held that the issue was governed by established decisions, ultimately disposing of the appeals in favor of the assessee. en-us Tue, 19 Jul 2016 00:00:00 +0530 Thu, 31 Aug 2017 07:09:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=194164 The court ruled in favor of the assessee, overturning the penalty imposed by the Department under section 271(1)(c) of the Income-tax Act. The court found that the assessee's declaration was made under the advice of a chartered accountant and was rectified subsequently, indicating no intention of wilful concealment. Relying on precedent cases, the court held that the issue was governed by established decisions, ultimately disposing of the appeals in favor of the assessee. Case-Laws Income Tax Tue, 19 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=194164