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of <h1>High Court affirms penalty for concealing income despite family partition.</h1> The High Court of Madras upheld the levy of penalty on an assessee for concealing income during assessment years 1968-69 to 1975-76, despite a family ... Penalty, HUF, Concealment Of Income The High Court of Madras upheld the levy of penalty on an assessee for concealment of income during the assessment years 1968-69 to 1975-76, despite the partition of the Hindu undivided family in 1974. The court ruled that the penalty was legally justified under section 171(8) of the Income-tax Act, 1961. The Appellate Tribunal's decision in favor of the penalty levy was affirmed, and the Revenue was awarded costs of Rs. 1,000.
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