https://www.taxtmi.com/caselaws?id=26317 Penalty under section 271(1)(c) was held unsustainable where the assessee had voluntarily disclosed the correct income before initiation of proceedings under section 148. The Court noted that the return had been filed on the basis of PWD certificates, and the assessee himself later informed the Department of the discrepancy in declared receipts. Because the disclosure of correct receipts preceded the reassessment notice, the facts did not justify an inference of concealment of income. The Tribunal was found to have failed to examine the legal significance of the voluntary disclosure, and the issue was answered in favour of the assessee. en-us Fri, 16 Sep 1983 00:00:00 +0530 Thu, 04 Feb 2010 11:31:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26317 Penalty under section 271(1)(c) was held unsustainable where the assessee had voluntarily disclosed the correct income before initiation of proceedings under section 148. The Court noted that the return had been filed on the basis of PWD certificates, and the assessee himself later informed the Department of the discrepancy in declared receipts. Because the disclosure of correct receipts preceded the reassessment notice, the facts did not justify an inference of concealment of income. The Tribunal was found to have failed to examine the legal significance of the voluntary disclosure, and the issue was answered in favour of the assessee. Case-Laws Income Tax Fri, 16 Sep 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26317