https://www.taxtmi.com/caselaws?id=55068 The Tribunal upheld the cancellation of a penalty under section 271(1)(c) for failure to pay tax at the maximum marginal rate on trust income. The penalty was deemed unwarranted due to the genuine ignorance of the newly inserted provisions and the absence of income concealment or inaccurate particulars. The Tribunal emphasized that innocent mistakes resulting from lack of awareness do not justify a penalty, leading to the dismissal of the revenue's appeal. en-us Thu, 08 Feb 1996 00:00:00 +0530 Tue, 23 Nov 2010 16:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55068 The Tribunal upheld the cancellation of a penalty under section 271(1)(c) for failure to pay tax at the maximum marginal rate on trust income. The penalty was deemed unwarranted due to the genuine ignorance of the newly inserted provisions and the absence of income concealment or inaccurate particulars. The Tribunal emphasized that innocent mistakes resulting from lack of awareness do not justify a penalty, leading to the dismissal of the revenue's appeal. Case-Laws Income Tax Thu, 08 Feb 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55068