https://www.taxtmi.com/caselaws?id=56852 The revenue's appeal against the cancellation of a penalty under section 271(1)(c) imposed by the ITO on a HUF was dismissed. The penalty was imposed for concealment of income related to investments in potatoes, fertilizers, and gold jewelry. The AAC canceled the penalty, citing disclosure of all items in the return. The Tribunal upheld the cancellation, emphasizing that disclosure in the return, as per prescribed form requirements, absolved the assessee of concealment charges, especially considering assurances from revenue authorities. en-us Mon, 08 Feb 1982 00:00:00 +0530 Tue, 07 Dec 2010 10:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56852 The revenue's appeal against the cancellation of a penalty under section 271(1)(c) imposed by the ITO on a HUF was dismissed. The penalty was imposed for concealment of income related to investments in potatoes, fertilizers, and gold jewelry. The AAC canceled the penalty, citing disclosure of all items in the return. The Tribunal upheld the cancellation, emphasizing that disclosure in the return, as per prescribed form requirements, absolved the assessee of concealment charges, especially considering assurances from revenue authorities. Case-Laws Income Tax Mon, 08 Feb 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56852