https://www.taxtmi.com/caselaws?id=38439 The High Court of Gauhati ruled in favor of the assessee, a registered firm with a rice mill, in a case involving a penalty order under section 271(1)(c) of the Income-tax Act, 1961. The Court found that the assessee had not consciously concealed income or furnished inaccurate particulars, attributing the discrepancy to a bona fide mistake. Emphasizing the lack of deliberate intent, the Court upheld the Tribunal's decision to cancel the penalty order, highlighting the believable explanation for the discrepancy and the factual findings supporting the cancellation. Justice B. N. Sharma concurred with the decision, establishing the importance of factual assessments in penalty imposition cases. en-us Mon, 07 Jul 1975 00:00:00 +0530 Tue, 06 Apr 2010 12:08:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38439 The High Court of Gauhati ruled in favor of the assessee, a registered firm with a rice mill, in a case involving a penalty order under section 271(1)(c) of the Income-tax Act, 1961. The Court found that the assessee had not consciously concealed income or furnished inaccurate particulars, attributing the discrepancy to a bona fide mistake. Emphasizing the lack of deliberate intent, the Court upheld the Tribunal's decision to cancel the penalty order, highlighting the believable explanation for the discrepancy and the factual findings supporting the cancellation. Justice B. N. Sharma concurred with the decision, establishing the importance of factual assessments in penalty imposition cases. Case-Laws Income Tax Mon, 07 Jul 1975 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38439