https://www.taxtmi.com/caselaws?id=18420 The assessee, a registered firm, initially disclosed a credit of Rs. 10,000 in the original return as a loan from Gopal Mudaliar. Subsequently, when the loan's genuineness was questioned, the assessee revised the return to include the amount as income. The Tribunal found that the assessee had a genuine belief in the loan's authenticity and did not furnish inaccurate particulars. Regarding the penalty under section 271(1)(c) of the Income-tax Act, the Tribunal canceled it, emphasizing the absence of mala fide intent in the assessee's actions. The High Court upheld the Tribunal's decision, ruling that the penalty was not justified. en-us Wed, 10 Jan 1996 00:00:00 +0530 Wed, 30 Sep 2009 17:29:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18420 The assessee, a registered firm, initially disclosed a credit of Rs. 10,000 in the original return as a loan from Gopal Mudaliar. Subsequently, when the loan's genuineness was questioned, the assessee revised the return to include the amount as income. The Tribunal found that the assessee had a genuine belief in the loan's authenticity and did not furnish inaccurate particulars. Regarding the penalty under section 271(1)(c) of the Income-tax Act, the Tribunal canceled it, emphasizing the absence of mala fide intent in the assessee's actions. The High Court upheld the Tribunal's decision, ruling that the penalty was not justified. Case-Laws Income Tax Wed, 10 Jan 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18420