https://www.taxtmi.com/caselaws?id=62082 The penalties imposed under Section 271(1)(c) for the assessment years 1962-63 to 1967-68 were upheld due to concealment of income through various means. However, for the assessment year 1969-70, the penalty was cancelled as the amount of unexplained investment was minimal after adjustments. The jurisdiction of the Inspecting Assistant Commissioner to levy penalties was confirmed, and the limitation period for passing penalty orders was deemed applicable to the pending proceedings, allowing the penalties to stand within the prescribed time limit. en-us Fri, 30 Jan 1976 00:00:00 +0530 Tue, 18 Jan 2011 10:24:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62082 The penalties imposed under Section 271(1)(c) for the assessment years 1962-63 to 1967-68 were upheld due to concealment of income through various means. However, for the assessment year 1969-70, the penalty was cancelled as the amount of unexplained investment was minimal after adjustments. The jurisdiction of the Inspecting Assistant Commissioner to levy penalties was confirmed, and the limitation period for passing penalty orders was deemed applicable to the pending proceedings, allowing the penalties to stand within the prescribed time limit. Case-Laws Income Tax Fri, 30 Jan 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62082