https://www.taxtmi.com/caselaws?id=14263 The High Court directed the Tribunal to refer the question of law regarding the justification of non-disclosure of income due to compulsion as a bona fide act under the Income-tax Act. The Tribunal's decision to cancel the penalty imposed under section 271(1)(c) was upheld, emphasizing that the wholesale dealers' conduct in charging "on money" was deemed bona fide for business purposes, despite the concealment of income. The High Court intervened to clarify that the issue raised legal questions, requiring a reference for further examination. en-us Tue, 27 Feb 2001 00:00:00 +0530 Tue, 14 Jul 2009 17:53:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=14263 The High Court directed the Tribunal to refer the question of law regarding the justification of non-disclosure of income due to compulsion as a bona fide act under the Income-tax Act. The Tribunal's decision to cancel the penalty imposed under section 271(1)(c) was upheld, emphasizing that the wholesale dealers' conduct in charging "on money" was deemed bona fide for business purposes, despite the concealment of income. The High Court intervened to clarify that the issue raised legal questions, requiring a reference for further examination. Case-Laws Income Tax Tue, 27 Feb 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=14263