Where the assessee discloses all the facts truly, no penalty can be levied for concealment of income – Bombay HC

 The Metal Rolling Works Ltd. V/s. Commissioner of Income Tax Bombay High Court INCOME TAX APPEAL (LOD) NO. 966 of 2011 DATED: 11TH OCTOBER, 2011 JUGMENT (PER J.P. DEVADHAR, J.) 1. Heard. The appeal is admitted on the following (re-framed) question of law :- “ Whether on the facts and in the circumstances of the case and in law, the Tribunal was justified in upholding the penalty of Rs. 3,44,40,616/- levied on the appellant under Section 271(1)(c) of the Income Tax Ac t, 1961 ? ” 2. By consent of the parties, the appeal is taken up for final hearing. 3. The assessmen...