https://www.taxtmi.com/caselaws?id=11981 The court found that the penalty under section 271(1)(c) of the Income-tax Act was not justified as the assessee had voluntarily disclosed the mistakes without any intention to conceal income. The Tribunal's majority view held that there was no guilty mind on the part of the assessee. Citing precedent, the court emphasized that penalties should not be imposed for technical breaches. Consequently, the court ruled in favor of the assessee, concluding that the penalty was unwarranted, and disposed of the reference with no order as to costs. en-us Wed, 04 Dec 2002 00:00:00 +0530 Sun, 14 Feb 2010 11:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11981 The court found that the penalty under section 271(1)(c) of the Income-tax Act was not justified as the assessee had voluntarily disclosed the mistakes without any intention to conceal income. The Tribunal's majority view held that there was no guilty mind on the part of the assessee. Citing precedent, the court emphasized that penalties should not be imposed for technical breaches. Consequently, the court ruled in favor of the assessee, concluding that the penalty was unwarranted, and disposed of the reference with no order as to costs. Case-Laws Income Tax Wed, 04 Dec 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11981