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of <h1>Supreme Court rules on penalty for concealment under Income-tax Act</h1> The Supreme Court allowed the civil appeals, with no order as to costs, after addressing the issue of penalty under section 271(1)(c) of the Income-tax ... Penalty u/s 271(1)(c) – amendment to section 271(1) was only clarificatory in nature and applicable to earlier years also – penalty is leviable even if the assessed income is NIL – since question of concealment was not gone through was not considered by ITAT or HC, the matter is remanded back to ITAT for consideration. The Supreme Court granted leave in the case where two questions were raised before the Tribunal: 1) Adjustment of unabsorbed depreciation resulting in negative income for penalty under section 271(1)(c) of the Income-tax Act, 1961, and 2) Whether penalty was leviable for concealment under the same section. The first question was covered by a previous judgment, but the second question was remitted back to the Tribunal as it had not been addressed earlier. The civil appeals were allowed with no order as to costs.
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