https://www.taxtmi.com/caselaws?id=62147 Concealment penalty is attracted where the return, search material, and later disclosure show that income was not fully and truly disclosed, and a belated explanation is not accepted. In assessing penalty, the concealed income must still be limited to the amount reasonably attributable to concealment; an estimate that is excessive may be reduced by considering earlier depreciation and possible savings available for investment. On these facts, concealment was found, penalty remained leviable, and the concealed income was restricted to a lower amount for penalty purposes. en-us Fri, 24 Oct 1980 00:00:00 +0530 Tue, 18 Jan 2011 12:56:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62147 Concealment penalty is attracted where the return, search material, and later disclosure show that income was not fully and truly disclosed, and a belated explanation is not accepted. In assessing penalty, the concealed income must still be limited to the amount reasonably attributable to concealment; an estimate that is excessive may be reduced by considering earlier depreciation and possible savings available for investment. On these facts, concealment was found, penalty remained leviable, and the concealed income was restricted to a lower amount for penalty purposes. Case-Laws Income Tax Fri, 24 Oct 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62147