https://www.taxtmi.com/caselaws?id=63688 The Tribunal upheld the penalty imposed under section 271(1)(c) of the IT Act, 1961 for concealing income due to the appellant's failure to disclose arbitration proceedings and provide full disclosure. However, the penalty was deemed invalid as it exceeded Rs. 25,000 without the required approval from the IAC. The case was remanded to the ITO for compliance with the statutory requirement, emphasizing the importance of adhering to procedural requirements for imposing penalties under section 271(1)(c). en-us Fri, 29 Jan 1988 00:00:00 +0530 Tue, 01 Feb 2011 13:20:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63688 The Tribunal upheld the penalty imposed under section 271(1)(c) of the IT Act, 1961 for concealing income due to the appellant's failure to disclose arbitration proceedings and provide full disclosure. However, the penalty was deemed invalid as it exceeded Rs. 25,000 without the required approval from the IAC. The case was remanded to the ITO for compliance with the statutory requirement, emphasizing the importance of adhering to procedural requirements for imposing penalties under section 271(1)(c). Case-Laws Income Tax Fri, 29 Jan 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63688