https://www.taxtmi.com/caselaws?id=27866 The court upheld the cancellation of the penalty for the assessment year 1964-65, as there was a voluntary and full disclosure by the assessee with no concealment or fraud. However, the court disagreed with the cancellation of the penalty for the assessment year 1963-64, emphasizing that the original return filed in 1963 concealed income through deliberate concealment, warranting a penalty. The Tribunal's oversight in not considering the veracity of the original return led to the court's decision to reinstate the penalty for 1963-64. en-us Wed, 04 Nov 1981 00:00:00 +0530 Tue, 16 Feb 2010 15:14:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27866 The court upheld the cancellation of the penalty for the assessment year 1964-65, as there was a voluntary and full disclosure by the assessee with no concealment or fraud. However, the court disagreed with the cancellation of the penalty for the assessment year 1963-64, emphasizing that the original return filed in 1963 concealed income through deliberate concealment, warranting a penalty. The Tribunal's oversight in not considering the veracity of the original return led to the court's decision to reinstate the penalty for 1963-64. Case-Laws Income Tax Wed, 04 Nov 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27866