https://www.taxtmi.com/caselaws?id=62146 The Tribunal concluded that there was no concealment of income by the Chitty Fund for the assessment years 1973-74 to 1975-76. It found that the interest income from advances could belong to either the Chitty Fund or the Banking Firm due to overlapping partnerships. As there was no conclusive evidence of concealment and all relevant materials were disclosed, the penalties imposed under Section 271(1)(c) were cancelled, and the appeals were allowed. The Tribunal did not address the issue of the IAC's jurisdiction in passing the penalty orders. en-us Mon, 27 Oct 1980 00:00:00 +0530 Tue, 18 Jan 2011 12:53:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62146 The Tribunal concluded that there was no concealment of income by the Chitty Fund for the assessment years 1973-74 to 1975-76. It found that the interest income from advances could belong to either the Chitty Fund or the Banking Firm due to overlapping partnerships. As there was no conclusive evidence of concealment and all relevant materials were disclosed, the penalties imposed under Section 271(1)(c) were cancelled, and the appeals were allowed. The Tribunal did not address the issue of the IAC's jurisdiction in passing the penalty orders. Case-Laws Income Tax Mon, 27 Oct 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62146