https://www.taxtmi.com/caselaws?id=60782 The Tribunal ruled in favor of the assessee, an Ex-Chief Justice, in a tax case involving non-filing of income tax return and levy of penalty for concealment of income. The Tribunal found that there was no intention to conceal income as the income was voluntarily disclosed, and the penalty under Section 271(1)(c) was not applicable since no return of income was filed. The decision emphasized the necessity of recording satisfaction for penalty initiation, ultimately leading to the deletion of the penalty imposed by the Assessing Officer. en-us Fri, 02 Sep 2005 00:00:00 +0530 Sat, 08 Jan 2011 10:25:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60782 The Tribunal ruled in favor of the assessee, an Ex-Chief Justice, in a tax case involving non-filing of income tax return and levy of penalty for concealment of income. The Tribunal found that there was no intention to conceal income as the income was voluntarily disclosed, and the penalty under Section 271(1)(c) was not applicable since no return of income was filed. The decision emphasized the necessity of recording satisfaction for penalty initiation, ultimately leading to the deletion of the penalty imposed by the Assessing Officer. Case-Laws Income Tax Fri, 02 Sep 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60782