https://www.taxtmi.com/caselaws?id=39455 The High Court dismissed the revenue's application under section 256(2) of the Income-tax Act, ruling in favor of the assessee. The court held that the assessee was not obligated to disclose income from dividends on shares held by the wife and minor son in the return of income. The Tribunal's decision, supported by relevant case laws, including Radheshyam Ladia v. Income-tax Officer, deemed the non-disclosure justified. Additionally, the penalty on cash credits was deemed unsustainable as the department failed to prove concealment. The court emphasized the applicability of Supreme Court decisions in similar cases, ultimately rejecting the revenue's groundless application. en-us Wed, 19 Nov 1975 00:00:00 +0530 Fri, 16 Apr 2010 15:42:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39455 The High Court dismissed the revenue's application under section 256(2) of the Income-tax Act, ruling in favor of the assessee. The court held that the assessee was not obligated to disclose income from dividends on shares held by the wife and minor son in the return of income. The Tribunal's decision, supported by relevant case laws, including Radheshyam Ladia v. Income-tax Officer, deemed the non-disclosure justified. Additionally, the penalty on cash credits was deemed unsustainable as the department failed to prove concealment. The court emphasized the applicability of Supreme Court decisions in similar cases, ultimately rejecting the revenue's groundless application. Case-Laws Income Tax Wed, 19 Nov 1975 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39455