https://www.taxtmi.com/caselaws?id=17479 The court affirmed the Tribunal's decision to cancel the penalty imposed under section 271(1)(c) of the Income-tax Act, 1961, for the assessment year 1974-75. It found that the discrepancies in the accounts were due to inadvertence and not a deliberate attempt to conceal income. The court also held that the revised return filed by the assessee was not an admission of concealment but a prompt rectification of mistakes, discharging the burden of proof. The judgment favored the assessee, directing the forwarding of a copy to the Income-tax Appellate Tribunal, Cochin Bench. en-us Mon, 24 Jun 1996 00:00:00 +0530 Tue, 22 Sep 2009 15:53:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=17479 The court affirmed the Tribunal's decision to cancel the penalty imposed under section 271(1)(c) of the Income-tax Act, 1961, for the assessment year 1974-75. It found that the discrepancies in the accounts were due to inadvertence and not a deliberate attempt to conceal income. The court also held that the revised return filed by the assessee was not an admission of concealment but a prompt rectification of mistakes, discharging the burden of proof. The judgment favored the assessee, directing the forwarding of a copy to the Income-tax Appellate Tribunal, Cochin Bench. Case-Laws Income Tax Mon, 24 Jun 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=17479