SRI T. ASHOK PAI vs COMMISSIONER OF INCOME TAX, BANGALORE

The Supreme Court ruled on the applicability of Section 271(1)(C) of the Income Tax Act, determining that the imposition of penalty for concealment of income was not warranted in this case. The Court held that since the revised return was accepted by the Assessing Officer and the appellant acted in good faith, relying on the professional advice of the Syndicate Bank, the penalty could not be imposed. The Court affirmed the Tribunal's decision that there was no concealment of income, thus allowing the appeal.