https://www.taxtmi.com/caselaws?id=60965 The Appellate Tribunal overturned the penalty imposed under section 271(1)(c) of the Income-tax Act on the assessee for alleged concealment of income. The Tribunal found that the fine amount in dispute was contributed by partners out of their own resources and not by the partnership firm. It held that the Assessing Officer's rejection of the claim lacked basis or material, concluding that the assessee acted bona fide. Consequently, the penalty was canceled as the revenue failed to establish a case for levying it. en-us Fri, 31 Dec 1993 00:00:00 +0530 Mon, 10 Jan 2011 11:49:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60965 The Appellate Tribunal overturned the penalty imposed under section 271(1)(c) of the Income-tax Act on the assessee for alleged concealment of income. The Tribunal found that the fine amount in dispute was contributed by partners out of their own resources and not by the partnership firm. It held that the Assessing Officer's rejection of the claim lacked basis or material, concluding that the assessee acted bona fide. Consequently, the penalty was canceled as the revenue failed to establish a case for levying it. Case-Laws Income Tax Fri, 31 Dec 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60965