https://www.taxtmi.com/caselaws?id=34005 HC dismissed the appeal and upheld the Tribunal's order quashing penalty under s.271(1)(c), holding the assessee had not concealed particulars nor furnished incorrect particulars of income despite filing a nil return claiming s.10(29) exemption. The Court found the revenue's challenge frivolous and taken without proper application of mind, criticising its conduct but refraining from awarding costs to the revenue as a cautionary measure. The penalty could not be imposed in the absence of the statutory pre-requisites, so the appeal was dismissed. en-us Wed, 01 Jul 2009 00:00:00 +0530 Tue, 11 Nov 2025 13:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=34005 HC dismissed the appeal and upheld the Tribunal's order quashing penalty under s.271(1)(c), holding the assessee had not concealed particulars nor furnished incorrect particulars of income despite filing a nil return claiming s.10(29) exemption. The Court found the revenue's challenge frivolous and taken without proper application of mind, criticising its conduct but refraining from awarding costs to the revenue as a cautionary measure. The penalty could not be imposed in the absence of the statutory pre-requisites, so the appeal was dismissed. Case-Laws Income Tax Wed, 01 Jul 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=34005