https://www.taxtmi.com/caselaws?id=37792 The High Court upheld the Tribunal's decision that penal provisions under section 271(1)(c) of the Income-tax Act were not attracted to a partnership firm as concealment was not independently detected, penalties were solely based on the disclosure petition, and revised returns were not filed. The Court accepted the Tribunal's finding on the lack of evidentiary value of the disclosure and did not address whether the pendency of section 271(4A) proceedings excluded section 271(1)(c) operation. The Court ruled in favor of the assessee, affirming the Tribunal's decision, with Judge Banerji concurring. en-us Wed, 19 Apr 1978 00:00:00 +0530 Thu, 01 Apr 2010 11:39:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37792 The High Court upheld the Tribunal's decision that penal provisions under section 271(1)(c) of the Income-tax Act were not attracted to a partnership firm as concealment was not independently detected, penalties were solely based on the disclosure petition, and revised returns were not filed. The Court accepted the Tribunal's finding on the lack of evidentiary value of the disclosure and did not address whether the pendency of section 271(4A) proceedings excluded section 271(1)(c) operation. The Court ruled in favor of the assessee, affirming the Tribunal's decision, with Judge Banerji concurring. Case-Laws Income Tax Wed, 19 Apr 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37792