https://www.taxtmi.com/caselaws?id=25223 Penalty for concealment under section 271(1)(c) was cancelled because the Tribunal accepted the assessee's explanation that, at the relevant time, there was a common understanding that minors' income admitted to partnership benefits, earned before 1 October 1975, was not required to be included under section 64(1)(iii). The Tribunal also noted that the minors' income was being assessed separately, which negatived any intention to conceal income. On these facts, no error of law was shown in cancelling the penalty, and the reference application was rejected. en-us Thu, 15 Oct 1987 00:00:00 +0530 Wed, 27 Jan 2010 12:26:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25223 Penalty for concealment under section 271(1)(c) was cancelled because the Tribunal accepted the assessee's explanation that, at the relevant time, there was a common understanding that minors' income admitted to partnership benefits, earned before 1 October 1975, was not required to be included under section 64(1)(iii). The Tribunal also noted that the minors' income was being assessed separately, which negatived any intention to conceal income. On these facts, no error of law was shown in cancelling the penalty, and the reference application was rejected. Case-Laws Income Tax Thu, 15 Oct 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25223