https://www.taxtmi.com/caselaws?id=14202 Penalty under section 271(1)(c) was found unjustified because the Department did not establish concealment. The Tribunal accepted that the taxability of the retirement receipt was unclear, including whether it was business income or capital gains, and that the assessee had a bona fide belief that the amount was not taxable when the original returns were filed. It also noted that the revised returns were filed only after persuasion by the Assessing Officer, and the deletion of penalty was upheld. en-us Mon, 13 Mar 2000 00:00:00 +0530 Tue, 14 Jul 2009 13:38:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=14202 Penalty under section 271(1)(c) was found unjustified because the Department did not establish concealment. The Tribunal accepted that the taxability of the retirement receipt was unclear, including whether it was business income or capital gains, and that the assessee had a bona fide belief that the amount was not taxable when the original returns were filed. It also noted that the revised returns were filed only after persuasion by the Assessing Officer, and the deletion of penalty was upheld. Case-Laws Income Tax Mon, 13 Mar 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=14202