No concealment penalty even for not disclosing income in ITR if shown in balance sheet

PCIT Vs Trisha Krishnan (Madras High Court)

Assessee, in the instant case, has not concealed the income deliberately (particularly in the light of the fact that advances have been shown in the balance sheet filed even along with the original return) and therefore, is not liable for imposition of penalty under Section 271(1)(c) of the IT Act.

Further Update – Supreme Court has Dismissed the Appeal Flied by Revenue and upheld the Judgment of High Court- PCIT Vs Trisha Krishnan (Supreme Court), SPECIAL LEAVE PETITION (CIVIL) Diary No(s).7687/2019, 01/04/2019

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