https://www.taxtmi.com/caselaws?id=38678 The High Court upheld the Tribunal's decision to cancel the penalty imposed under section 271(1)(c) of the Income-tax Act, 1961. The Court found that the assessee's failure to disclose income from a partnership firm for the first time was an inadvertent mistake and not intentional concealment. It was noted that the penalty imposition did not specifically address the non-disclosure of the share income in the return, and the increase in income was partly due to changes in the assessment method. The Court concluded that the penalty was not justified based on the circumstances of the case. en-us Fri, 05 Nov 1976 00:00:00 +0530 Thu, 08 Apr 2010 12:33:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38678 The High Court upheld the Tribunal's decision to cancel the penalty imposed under section 271(1)(c) of the Income-tax Act, 1961. The Court found that the assessee's failure to disclose income from a partnership firm for the first time was an inadvertent mistake and not intentional concealment. It was noted that the penalty imposition did not specifically address the non-disclosure of the share income in the return, and the increase in income was partly due to changes in the assessment method. The Court concluded that the penalty was not justified based on the circumstances of the case. Case-Laws Income Tax Fri, 05 Nov 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38678