https://www.taxtmi.com/caselaws?id=61987 The tribunal confirmed the order of the CIT (Appeals) and dismissed the appeal, upholding the penalty for concealment of income by the assessee under Explanation 2 to section 271(1)(c). The tribunal found the assessee's actions aimed at avoiding penal liability by falsely claiming additional income in the revised return, rejecting the argument that the penalty should have been imposed in the earlier year. The plea of limitation was deemed unsubstantiated as penalty proceedings were initiated before the claimed date by the assessee. en-us Wed, 19 Aug 1987 00:00:00 +0530 Mon, 17 Jan 2011 14:19:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61987 The tribunal confirmed the order of the CIT (Appeals) and dismissed the appeal, upholding the penalty for concealment of income by the assessee under Explanation 2 to section 271(1)(c). The tribunal found the assessee's actions aimed at avoiding penal liability by falsely claiming additional income in the revised return, rejecting the argument that the penalty should have been imposed in the earlier year. The plea of limitation was deemed unsubstantiated as penalty proceedings were initiated before the claimed date by the assessee. Case-Laws Income Tax Wed, 19 Aug 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61987