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2003 (1) TMI 25 - ANDHRA PRADESH HIGH COURTPenalty - Whether, Tribunal was justified in cancelling the penalty? - Whether, Tribunal was justified in holding and had materials to hold that the assessee was under a bona fide belief that he was not liable to include the share income of his wife from the firm in which he was a partner, even though the assessee had failed to give the information as required by column 13 of the return of income and annexure E of the return of income?" - contents of the return in the form of return themselves are prescribed by rule 12 of the rules that have come into force with effect from July 1, 1972 - There need not be any deliberate attempt on the part of an assessee in refusing to comply with the requirements as prescribed under rule 12 of the Rules - Tribunal was not justified in setting aside the penalty - The requirement in law is that the assessee should furnish the share of income of his wife as is required after July 1, 1972. Both the questions referred for our opinion are answered in favour of the Revenue
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