https://www.taxtmi.com/caselaws?id=357763 Penalty proceedings did not warrant interference where the Tribunal found that the assessee's claim resulted from a bona fide mistake and wrong professional advice, not conscious concealment of income. The High Court accepted that mere failure to return income does not, by itself, justify penalty absent intentional concealment, and also noted that the Tribunal's view on merits was plausible. As the tax effect in the appeals was below the CBDT monetary limit, and no substantial question of law arose from the Tribunal's finding, the Revenue's appeals were not entertained. en-us Thu, 01 Feb 2018 00:00:00 +0530 Thu, 29 Mar 2018 11:07:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=357763 Penalty proceedings did not warrant interference where the Tribunal found that the assessee's claim resulted from a bona fide mistake and wrong professional advice, not conscious concealment of income. The High Court accepted that mere failure to return income does not, by itself, justify penalty absent intentional concealment, and also noted that the Tribunal's view on merits was plausible. As the tax effect in the appeals was below the CBDT monetary limit, and no substantial question of law arose from the Tribunal's finding, the Revenue's appeals were not entertained. Case-Laws Income Tax Thu, 01 Feb 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=357763