https://www.taxtmi.com/caselaws?id=29244 The Income-tax Appellate Tribunal (ITAT) canceled the penalty imposed on the assessee for alleged concealment of income and furnishing inaccurate particulars. The ITAT held that since the additional income from share transfers was disclosed in the revised return, the penalty could not be levied. The Tribunal found that the failure to disclose the income was an omission and not deliberate concealment. As there was no intentional concealment or omission found, the court ruled in favor of the assessee, denying the penalty and awarding costs for the reference. en-us Fri, 09 Jan 1981 00:00:00 +0530 Thu, 11 Mar 2010 15:59:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29244 The Income-tax Appellate Tribunal (ITAT) canceled the penalty imposed on the assessee for alleged concealment of income and furnishing inaccurate particulars. The ITAT held that since the additional income from share transfers was disclosed in the revised return, the penalty could not be levied. The Tribunal found that the failure to disclose the income was an omission and not deliberate concealment. As there was no intentional concealment or omission found, the court ruled in favor of the assessee, denying the penalty and awarding costs for the reference. Case-Laws Income Tax Fri, 09 Jan 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29244