https://www.taxtmi.com/caselaws?id=60542 The Tribunal allowed the appeal against the penalty imposed under section 271(1)(c) of the 1961 Act. It held that there was an honest difference of opinion between the assessee and taxing authorities regarding the nature of income from race winnings. Despite the disagreement, the assessee disclosed the amount in the return, showing transparency and no intention to conceal information. As there was no element of concealment, the Tribunal canceled the penalty, emphasizing that the case did not warrant penalty under section 271(1)(c). en-us Fri, 10 Dec 1976 00:00:00 +0530 Wed, 05 Jan 2011 18:15:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60542 The Tribunal allowed the appeal against the penalty imposed under section 271(1)(c) of the 1961 Act. It held that there was an honest difference of opinion between the assessee and taxing authorities regarding the nature of income from race winnings. Despite the disagreement, the assessee disclosed the amount in the return, showing transparency and no intention to conceal information. As there was no element of concealment, the Tribunal canceled the penalty, emphasizing that the case did not warrant penalty under section 271(1)(c). Case-Laws Income Tax Fri, 10 Dec 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60542