1979 (1) TMI 140 - AT - Income Tax

Summary

The appeals involved penalties under s. 271(1)(c) of the IT Act for not disclosing interest income received by wives, added under s. 64(iii). Assessees argued no conscious concealment, as they believed wives' income didn't form part of total income. Tribunal agreed, citing lack of intention to suppress income. Tribunal noted assesses filed returns before Tribunal's decision on similar issue, so failure to revise returns not intentional concealment. Penalties cancelled. (Case: Appellate Tribunal ITAT Jabalpur, 1979 (1) TMI 140)