https://www.taxtmi.com/caselaws?id=21462 The court held that the petitioner's disclosure of income within the statutory period met the conditions under Section 273A and Explanation 2 of the Income-tax Act, 1961. The orders denying waiver or reduction of penalty were overturned, and the case was sent back for reconsideration. The court found the Board's decision flawed, emphasizing that the initial disclosure made within the stipulated time was valid, regardless of subsequent revised returns. The writ petitions were granted, with each party bearing their own costs. en-us Fri, 24 Apr 1992 00:00:00 +0530 Tue, 24 Nov 2009 15:54:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21462 The court held that the petitioner's disclosure of income within the statutory period met the conditions under Section 273A and Explanation 2 of the Income-tax Act, 1961. The orders denying waiver or reduction of penalty were overturned, and the case was sent back for reconsideration. The court found the Board's decision flawed, emphasizing that the initial disclosure made within the stipulated time was valid, regardless of subsequent revised returns. The writ petitions were granted, with each party bearing their own costs. Case-Laws Income Tax Fri, 24 Apr 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21462