https://www.taxtmi.com/caselaws?id=38426 The High Court upheld the Tribunal's decision that the assessee was not liable for penalties under section 271(1)(c) of the Income-tax Act for failing to disclose income from house property, undisclosed sources (cash credit), and capital gains. The Court agreed that the assessee's actions lacked mala fide intent, emphasizing that penalties should not be imposed without evidence of dishonesty. The Court referenced the burden of proof on the revenue and directed each party to bear their own costs, ruling in favor of the assessee. en-us Wed, 15 Dec 1976 00:00:00 +0530 Tue, 06 Apr 2010 11:40:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38426 The High Court upheld the Tribunal's decision that the assessee was not liable for penalties under section 271(1)(c) of the Income-tax Act for failing to disclose income from house property, undisclosed sources (cash credit), and capital gains. The Court agreed that the assessee's actions lacked mala fide intent, emphasizing that penalties should not be imposed without evidence of dishonesty. The Court referenced the burden of proof on the revenue and directed each party to bear their own costs, ruling in favor of the assessee. Case-Laws Income Tax Wed, 15 Dec 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38426