https://www.taxtmi.com/caselaws?id=25940 The High Court upheld the Tribunal's decision to cancel the penalty imposed on a partnership firm under section 271(1)(c) of the Income-tax Act. The Court found that the voluntary disclosure of undisclosed income before any inquiry by the Revenue justified the cancellation of the penalty. Emphasizing that penalty imposition should be discretionary and based on relevant circumstances, the Court noted that the breach was not deliberate and the subsequent conduct of the assessee absolved it of intentional concealment. The Court ruled in favor of the assessee, with no costs imposed. en-us Tue, 23 Dec 1986 00:00:00 +0530 Mon, 01 Feb 2010 17:39:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25940 The High Court upheld the Tribunal's decision to cancel the penalty imposed on a partnership firm under section 271(1)(c) of the Income-tax Act. The Court found that the voluntary disclosure of undisclosed income before any inquiry by the Revenue justified the cancellation of the penalty. Emphasizing that penalty imposition should be discretionary and based on relevant circumstances, the Court noted that the breach was not deliberate and the subsequent conduct of the assessee absolved it of intentional concealment. The Court ruled in favor of the assessee, with no costs imposed. Case-Laws Income Tax Tue, 23 Dec 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25940