https://www.taxtmi.com/caselaws?id=62198 The Appellate Tribunal ITAT Cochin decided that penalties under sections 271(1)(c) and 273(2)(c) of the IT Act, 1961 for the assessment year 1984-85 were not justified as there was no evidence of income concealment. The Tribunal found that the revised return offering additional income was based on an agreement between the parties and not an attempt to conceal income. Consequently, the penalties of Rs. 67,500 and Rs. 1,600 were canceled, and the appeals were allowed. en-us Thu, 16 May 1991 00:00:00 +0530 Tue, 18 Jan 2011 14:51:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62198 The Appellate Tribunal ITAT Cochin decided that penalties under sections 271(1)(c) and 273(2)(c) of the IT Act, 1961 for the assessment year 1984-85 were not justified as there was no evidence of income concealment. The Tribunal found that the revised return offering additional income was based on an agreement between the parties and not an attempt to conceal income. Consequently, the penalties of Rs. 67,500 and Rs. 1,600 were canceled, and the appeals were allowed. Case-Laws Income Tax Thu, 16 May 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62198