https://www.taxtmi.com/caselaws?id=62018 The Tribunal upheld the CIT(Appeals) decision to levy penalties under section 271(1)(c) for both assessment years, emphasizing that the original returns did not fully disclose income, and subsequent disclosures indicated concealment. The Tribunal clarified that voluntary disclosures under section 273A do not exempt from penalties under section 271(1)(c). Assessments were reopened under section 147(a) due to substantial undisclosed income. The appeals were dismissed, allowing the assessee to seek penalty waiver or reduction under section 273A separately. en-us Mon, 10 Nov 1997 00:00:00 +0530 Mon, 17 Jan 2011 16:53:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62018 The Tribunal upheld the CIT(Appeals) decision to levy penalties under section 271(1)(c) for both assessment years, emphasizing that the original returns did not fully disclose income, and subsequent disclosures indicated concealment. The Tribunal clarified that voluntary disclosures under section 273A do not exempt from penalties under section 271(1)(c). Assessments were reopened under section 147(a) due to substantial undisclosed income. The appeals were dismissed, allowing the assessee to seek penalty waiver or reduction under section 273A separately. Case-Laws Income Tax Mon, 10 Nov 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62018