https://www.taxtmi.com/caselaws?id=20691 The High Court ruled in favor of the assessee, upholding the Income-tax Appellate Tribunal's decision regarding a technical mistake in accounting for goods in transit. The Court found the omission regarding goods in transit to be bona fide and agreed that the penalty imposed should be reduced in accordance with the applicable provisions of the law. The Court also affirmed the finding of concealment of income with reference to the revised return, leading to a reduction in the penalty imposed under section 271(1)(c) of the Income-tax Act. en-us Wed, 28 Oct 1992 00:00:00 +0530 Mon, 16 Nov 2009 15:55:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20691 The High Court ruled in favor of the assessee, upholding the Income-tax Appellate Tribunal's decision regarding a technical mistake in accounting for goods in transit. The Court found the omission regarding goods in transit to be bona fide and agreed that the penalty imposed should be reduced in accordance with the applicable provisions of the law. The Court also affirmed the finding of concealment of income with reference to the revised return, leading to a reduction in the penalty imposed under section 271(1)(c) of the Income-tax Act. Case-Laws Income Tax Wed, 28 Oct 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20691