https://www.taxtmi.com/caselaws?id=58402 The Appellate Tribunal upheld the cancellation of the penalty imposed under section 271(1)(c) by the Appellate Authority Commissioner. The tribunal found that the elderly assessee disclosed interest income voluntarily after consulting a new tax consultant, attributing the initial failure to disclose to ignorance rather than deliberate concealment. Despite the advanced age of the assessee, the tribunal noted her consistent filing history and prompt disclosure of the interest income upon advice. Emphasizing the lack of intention to conceal income and the genuine efforts made to rectify the omission, the tribunal dismissed the appeal, highlighting the assessee's good faith. en-us Fri, 12 Mar 1976 00:00:00 +0530 Sat, 18 Dec 2010 18:13:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58402 The Appellate Tribunal upheld the cancellation of the penalty imposed under section 271(1)(c) by the Appellate Authority Commissioner. The tribunal found that the elderly assessee disclosed interest income voluntarily after consulting a new tax consultant, attributing the initial failure to disclose to ignorance rather than deliberate concealment. Despite the advanced age of the assessee, the tribunal noted her consistent filing history and prompt disclosure of the interest income upon advice. Emphasizing the lack of intention to conceal income and the genuine efforts made to rectify the omission, the tribunal dismissed the appeal, highlighting the assessee's good faith. Case-Laws Income Tax Fri, 12 Mar 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58402