https://www.taxtmi.com/caselaws?id=19290 The court upheld the Tribunal's decision to cancel the penalty imposed under section 271(1)(c) of the Income-tax Act, 1961 on the assessee for concealment of income. The concealment was rectified by the assessee through a revised return, and since there was no external discovery of the concealment by the Revenue before the revised return was filed, the penalty was deemed unwarranted. The court emphasized that the self-disclosure by the assessee in the revised return absolved them from the penalty, aligning with the provisions of section 271(1)(c) of the Act. en-us Tue, 14 Jun 1994 00:00:00 +0530 Thu, 05 Nov 2009 12:14:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19290 The court upheld the Tribunal's decision to cancel the penalty imposed under section 271(1)(c) of the Income-tax Act, 1961 on the assessee for concealment of income. The concealment was rectified by the assessee through a revised return, and since there was no external discovery of the concealment by the Revenue before the revised return was filed, the penalty was deemed unwarranted. The court emphasized that the self-disclosure by the assessee in the revised return absolved them from the penalty, aligning with the provisions of section 271(1)(c) of the Act. Case-Laws Income Tax Tue, 14 Jun 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19290