https://www.taxtmi.com/article/detailed?id=12645 Concealment is the intentional hiding of income, distinct from furnishing inaccurate particulars arising from errors; the penalty provision is strict but requires narrow construction. Where an assessee voluntarily disclosed an omission in capital gains, responded to summonses, filed a revised return and paid the differential tax with interest before completion of reassessment, imposition of penalty for concealment was held unwarranted because the essential preconditions for penal liability were not established and penal provisions must not discourage voluntary correction. en-us Wed, 29 May 2024 11:13:16 +0530 Wed, 29 May 2024 11:13:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=12645 Concealment is the intentional hiding of income, distinct from furnishing inaccurate particulars arising from errors; the penalty provision is strict but requires narrow construction. Where an assessee voluntarily disclosed an omission in capital gains, responded to summonses, filed a revised return and paid the differential tax with interest before completion of reassessment, imposition of penalty for concealment was held unwarranted because the essential preconditions for penal liability were not established and penal provisions must not discourage voluntary correction. Articles Income Tax Wed, 29 May 2024 11:13:16 +0530 https://www.taxtmi.com/article/detailed?id=12645