https://www.taxtmi.com/caselaws?id=12922 The High Court upheld the Tribunal's decision to delete the penalty imposed on the assessee under section 271(1)(c) of the Income-tax Act, 1961. The Court found that the voluntary nature of the revised return and payment of additional tax indicated the assessee's intention to rectify errors, negating the justification for penalty imposition. The Court emphasized the factual findings supporting the absence of income concealment and distinguished the case from cited legal precedents. Consequently, the High Court dismissed the Revenue's petition under section 256(2) of the Act, with no order as to costs. en-us Fri, 07 Dec 2001 00:00:00 +0530 Mon, 25 May 2009 10:39:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12922 The High Court upheld the Tribunal's decision to delete the penalty imposed on the assessee under section 271(1)(c) of the Income-tax Act, 1961. The Court found that the voluntary nature of the revised return and payment of additional tax indicated the assessee's intention to rectify errors, negating the justification for penalty imposition. The Court emphasized the factual findings supporting the absence of income concealment and distinguished the case from cited legal precedents. Consequently, the High Court dismissed the Revenue's petition under section 256(2) of the Act, with no order as to costs. Case-Laws Income Tax Fri, 07 Dec 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12922