https://www.taxtmi.com/caselaws?id=58752 The Tribunal dismissed the appeals by the Income Tax Officer, upholding the CIT (Appeals) decision that penalties under s. 271(1)(c) were not justified for the assessment years 1975-76 and 1976-77. It was held that the association, assessed as an association of persons, had no assessable income under the law due to the specific provisions of s. 26. Therefore, any misstatement in the return, even if considered concealment, did not warrant penalties as the association was not obligated to file a return of income. en-us Mon, 20 Jun 1983 00:00:00 +0530 Tue, 21 Dec 2010 18:04:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58752 The Tribunal dismissed the appeals by the Income Tax Officer, upholding the CIT (Appeals) decision that penalties under s. 271(1)(c) were not justified for the assessment years 1975-76 and 1976-77. It was held that the association, assessed as an association of persons, had no assessable income under the law due to the specific provisions of s. 26. Therefore, any misstatement in the return, even if considered concealment, did not warrant penalties as the association was not obligated to file a return of income. Case-Laws Income Tax Mon, 20 Jun 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58752