https://www.taxtmi.com/caselaws?id=36867 The High Court held that penalties under section 271(1)(c) of the Income-tax Act were not imposable for the assessment year 1965-66 as the revised return was voluntary. However, penalties for the subsequent years were upheld due to wilful non-disclosure, as the revised returns did not meet the requirements of section 139(5). The court ruled in favor of the department for the assessment years 1966-67 and 1967-68, upholding the penalties imposed. en-us Tue, 26 Sep 1978 00:00:00 +0530 Thu, 25 Mar 2010 11:08:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36867 The High Court held that penalties under section 271(1)(c) of the Income-tax Act were not imposable for the assessment year 1965-66 as the revised return was voluntary. However, penalties for the subsequent years were upheld due to wilful non-disclosure, as the revised returns did not meet the requirements of section 139(5). The court ruled in favor of the department for the assessment years 1966-67 and 1967-68, upholding the penalties imposed. Case-Laws Income Tax Tue, 26 Sep 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36867