https://www.taxtmi.com/caselaws?id=38431 Challenges to penalty notices alleging concealment of income and furnishing inaccurate particulars were rejected for lack of material satisfying the assessing authority that fraud, gross or wilful neglect existed; consequently the Explanation provision invoked during proceedings could not be relied upon and did not attract penalty. Because the statutory conditions necessary for imposing a penalty under the relevant provision were absent, the authority was held incompetent to continue penalty proceedings and the notices initiating those proceedings were quashed as an improper basis for penalty imposition. en-us Thu, 03 Jul 1975 00:00:00 +0530 Wed, 21 Jan 2026 15:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38431 Challenges to penalty notices alleging concealment of income and furnishing inaccurate particulars were rejected for lack of material satisfying the assessing authority that fraud, gross or wilful neglect existed; consequently the Explanation provision invoked during proceedings could not be relied upon and did not attract penalty. Because the statutory conditions necessary for imposing a penalty under the relevant provision were absent, the authority was held incompetent to continue penalty proceedings and the notices initiating those proceedings were quashed as an improper basis for penalty imposition. Case-Laws Income Tax Thu, 03 Jul 1975 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38431