https://www.taxtmi.com/caselaws?id=62072 The ITAT partially allowed the appeal, reducing the penalty amount imposed under section 271(1)(c) for the assessment year 1969-70. The tribunal considered the interconnection of receipts and expenses in the chitty business, leading to a balanced assessment approach. The revised statements filed by the assessee before assessment, reflecting reduced expenses and included interest income, played a crucial role in mitigating the alleged concealment of income. Ultimately, the penalty was reduced to Rs. 5,500 based on these considerations. en-us Wed, 15 Oct 1975 00:00:00 +0530 Tue, 18 Jan 2011 10:01:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62072 The ITAT partially allowed the appeal, reducing the penalty amount imposed under section 271(1)(c) for the assessment year 1969-70. The tribunal considered the interconnection of receipts and expenses in the chitty business, leading to a balanced assessment approach. The revised statements filed by the assessee before assessment, reflecting reduced expenses and included interest income, played a crucial role in mitigating the alleged concealment of income. Ultimately, the penalty was reduced to Rs. 5,500 based on these considerations. Case-Laws Income Tax Wed, 15 Oct 1975 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62072