https://www.taxtmi.com/caselaws?id=57674 The Tribunal allowed the appeal, canceling the penalty imposed under section 271(1)(c) of the IT Act, 1961. It found that the minor partners' credits were not indicative of the firm's income and lacked evidence of concealment. Emphasizing the absence of fraud or wilful neglect in income reporting, the Tribunal concluded that the penalty was unwarranted, following the precedent that the Revenue must establish concealed income for penalty imposition. en-us Wed, 28 Jun 1978 00:00:00 +0530 Sat, 11 Dec 2010 14:48:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=57674 The Tribunal allowed the appeal, canceling the penalty imposed under section 271(1)(c) of the IT Act, 1961. It found that the minor partners' credits were not indicative of the firm's income and lacked evidence of concealment. Emphasizing the absence of fraud or wilful neglect in income reporting, the Tribunal concluded that the penalty was unwarranted, following the precedent that the Revenue must establish concealed income for penalty imposition. Case-Laws Income Tax Wed, 28 Jun 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=57674