https://www.taxtmi.com/caselaws?id=59252 Penalty for non-disclosure of an assessee's share in a partnership firm's reserve fund was held not leviable where the omission appeared inadvertent, the revised return was filed promptly after discovery, and the surrounding circumstances did not show deliberate concealment or an intent to evade tax. The decision emphasises that a mere omission in the return is insufficient for penalty unless the facts establish conscious defiance of law or a conscious attempt to evade lawful tax liability. On the balance of probabilities, the conduct did not justify penal action. en-us Mon, 24 Nov 1980 00:00:00 +0530 Mon, 27 Dec 2010 14:59:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59252 Penalty for non-disclosure of an assessee's share in a partnership firm's reserve fund was held not leviable where the omission appeared inadvertent, the revised return was filed promptly after discovery, and the surrounding circumstances did not show deliberate concealment or an intent to evade tax. The decision emphasises that a mere omission in the return is insufficient for penalty unless the facts establish conscious defiance of law or a conscious attempt to evade lawful tax liability. On the balance of probabilities, the conduct did not justify penal action. Case-Laws Wealth-tax Mon, 24 Nov 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59252