https://www.taxtmi.com/caselaws?id=25802 The High Court of Calcutta upheld the Tribunal's decision to cancel the penalty imposed on the assessee under section 271(1)(a) of the Income-tax Act, 1961. The Court emphasized the genuine contemplation of voluntary disclosure by the assessee, despite partner disagreements and the delay in filing the income tax return. The Court ruled in favor of the assessee, affirming the cancellation of the penalty, highlighting the importance of reasonable cause for delay and the sincerity of the assessee's intention to make a voluntary disclosure. en-us Thu, 17 Jul 1986 00:00:00 +0530 Mon, 01 Feb 2010 10:25:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25802 The High Court of Calcutta upheld the Tribunal's decision to cancel the penalty imposed on the assessee under section 271(1)(a) of the Income-tax Act, 1961. The Court emphasized the genuine contemplation of voluntary disclosure by the assessee, despite partner disagreements and the delay in filing the income tax return. The Court ruled in favor of the assessee, affirming the cancellation of the penalty, highlighting the importance of reasonable cause for delay and the sincerity of the assessee's intention to make a voluntary disclosure. Case-Laws Income Tax Thu, 17 Jul 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25802