https://www.taxtmi.com/caselaws?id=25133 The High Court of Madhya Pradesh upheld the Tribunal's decision to cancel a penalty under section 271(1)(c) of the Income-tax Act, 1961. The Court found that the revised return filed by the assessee, a lady doctor, contained a voluntary disclosure of income and there was no evidence of deliberate concealment. Emphasizing the right to file a revised return upon discovering omissions, the Court ruled in favor of the assessee, highlighting the importance of good faith in filing revised returns before detection of concealment. The penalty was canceled, and no costs were awarded. en-us Mon, 17 Aug 1987 00:00:00 +0530 Mon, 25 Jan 2010 15:52:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25133 The High Court of Madhya Pradesh upheld the Tribunal's decision to cancel a penalty under section 271(1)(c) of the Income-tax Act, 1961. The Court found that the revised return filed by the assessee, a lady doctor, contained a voluntary disclosure of income and there was no evidence of deliberate concealment. Emphasizing the right to file a revised return upon discovering omissions, the Court ruled in favor of the assessee, highlighting the importance of good faith in filing revised returns before detection of concealment. The penalty was canceled, and no costs were awarded. Case-Laws Income Tax Mon, 17 Aug 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25133