https://www.taxtmi.com/caselaws?id=55763 The Tribunal held that the penalty under section 271(1)(c) of the Income-tax Act was not applicable to the assessee. The majority decision, supported by the Judicial Member and the Third Member, concluded that the mistakes in the accounts were bona fide and voluntarily disclosed by the assessee. As a result, the penalties imposed by the income-tax authorities for concealment of income or furnishing inaccurate particulars were canceled, and the appeals were allowed. en-us Fri, 13 Nov 1987 00:00:00 +0530 Mon, 29 Nov 2010 18:38:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55763 The Tribunal held that the penalty under section 271(1)(c) of the Income-tax Act was not applicable to the assessee. The majority decision, supported by the Judicial Member and the Third Member, concluded that the mistakes in the accounts were bona fide and voluntarily disclosed by the assessee. As a result, the penalties imposed by the income-tax authorities for concealment of income or furnishing inaccurate particulars were canceled, and the appeals were allowed. Case-Laws Income Tax Fri, 13 Nov 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55763