https://www.taxtmi.com/caselaws?id=10406 The High Court set aside the penalty imposed on the assessee for alleged concealment of income. The court emphasized that mere disagreement between the assessee and the Revenue does not imply concealment, especially if the assessee acted in good faith. It highlighted the importance of intent in determining concealment and stressed that penalties should only be imposed with clear evidence of deliberate concealment. As the assessee provided the particulars, albeit under a different classification, and the figures were undisputed, the court ruled in favor of the assessee, finding no justification for the penalty. en-us Mon, 03 Nov 2003 00:00:00 +0530 Wed, 15 Jul 2009 12:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10406 The High Court set aside the penalty imposed on the assessee for alleged concealment of income. The court emphasized that mere disagreement between the assessee and the Revenue does not imply concealment, especially if the assessee acted in good faith. It highlighted the importance of intent in determining concealment and stressed that penalties should only be imposed with clear evidence of deliberate concealment. As the assessee provided the particulars, albeit under a different classification, and the figures were undisputed, the court ruled in favor of the assessee, finding no justification for the penalty. Case-Laws Income Tax Mon, 03 Nov 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10406