https://www.taxtmi.com/caselaws?id=38843 Penalty for concealment or furnishing inaccurate particulars cannot rest on mere non-disclosure of trust property. The HC held that the authority had to consider the accountable person's explanation, the legal advice relied on, and the prior disclosure to revenue authorities before finalising assessment. Because those surrounding facts were not examined, the inference of deliberate concealment or falsity was unsupported. The penalty order was therefore not sustainable and was quashed in favour of the assessee. en-us Fri, 30 Jan 1976 00:00:00 +0530 Fri, 09 Apr 2010 16:39:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38843 Penalty for concealment or furnishing inaccurate particulars cannot rest on mere non-disclosure of trust property. The HC held that the authority had to consider the accountable person's explanation, the legal advice relied on, and the prior disclosure to revenue authorities before finalising assessment. Because those surrounding facts were not examined, the inference of deliberate concealment or falsity was unsupported. The penalty order was therefore not sustainable and was quashed in favour of the assessee. Case-Laws Income Tax Fri, 30 Jan 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38843