https://www.taxtmi.com/caselaws?id=13816 The court quashed the Commissioner's rejection of applications u/s 273A of the Income-tax Act, 1961 for waiver of interest and penalty by the partners of Durga Lorry Transporters. The court held that the disclosure of income was voluntary and in good faith, emphasizing the need for the Commissioner to exercise discretion judiciously. The matter was remitted to the Commissioner for reconsideration, with instructions to consider all relevant factors and provide a reasoned decision. Adjustments or refunds were to await the Commissioner's decision. en-us Mon, 20 Aug 2001 00:00:00 +0530 Fri, 03 Jul 2009 10:50:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=13816 The court quashed the Commissioner's rejection of applications u/s 273A of the Income-tax Act, 1961 for waiver of interest and penalty by the partners of Durga Lorry Transporters. The court held that the disclosure of income was voluntary and in good faith, emphasizing the need for the Commissioner to exercise discretion judiciously. The matter was remitted to the Commissioner for reconsideration, with instructions to consider all relevant factors and provide a reasoned decision. Adjustments or refunds were to await the Commissioner's decision. Case-Laws Income Tax Mon, 20 Aug 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=13816