https://www.taxtmi.com/caselaws?id=28477 The court affirmed the Income-tax Appellate Tribunal's decision to cancel penalties for the assessment years 1965-66, 1966-67, and 1968-69 under Section 271(1)(c) of the Income-tax Act, 1961. The Tribunal found that the assessee acted in good faith, believing it was not the owner of certain assets and thus did not conceal income. The court upheld the Tribunal's findings, ruling that no penalty was justified due to the absence of willful negligence. The assessee was awarded costs, including counsel fees. en-us Thu, 25 Feb 1982 00:00:00 +0530 Mon, 22 Feb 2010 18:54:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28477 The court affirmed the Income-tax Appellate Tribunal's decision to cancel penalties for the assessment years 1965-66, 1966-67, and 1968-69 under Section 271(1)(c) of the Income-tax Act, 1961. The Tribunal found that the assessee acted in good faith, believing it was not the owner of certain assets and thus did not conceal income. The court upheld the Tribunal's findings, ruling that no penalty was justified due to the absence of willful negligence. The assessee was awarded costs, including counsel fees. Case-Laws Income Tax Thu, 25 Feb 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28477