https://www.taxtmi.com/caselaws?id=20832 The High Court upheld the Tribunal's decision to cancel the penalty order under section 271(1)(c) of the Income-tax Act, 1961, for the assessment year 1974-75. The Court emphasized the significance of disclosure and the assessability of income in penalty imposition cases, ruling in favor of the assessee due to the disclosed interest income, which negated the Revenue's concealment argument. en-us Fri, 14 Dec 1990 00:00:00 +0530 Tue, 17 Nov 2009 14:06:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20832 The High Court upheld the Tribunal's decision to cancel the penalty order under section 271(1)(c) of the Income-tax Act, 1961, for the assessment year 1974-75. The Court emphasized the significance of disclosure and the assessability of income in penalty imposition cases, ruling in favor of the assessee due to the disclosed interest income, which negated the Revenue's concealment argument. Case-Laws Income Tax Fri, 14 Dec 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20832