https://www.taxtmi.com/caselaws?id=63966 The Tribunal overturned the penalty imposed on a foodgrain firm under section 271(1)(c) of the Income Tax Act for alleged concealment of income. The Tribunal ruled that the revised return filed under the Amnesty Scheme, after detection of concealment, was valid as per Circular No. 451. It emphasized that additions in assessment alone do not prove concealment and cited judicial precedents to support its decision. The penalty was deemed unjustified, and the Tribunal allowed the assessee's appeal, quashing the penalty order. en-us Fri, 08 May 1992 00:00:00 +0530 Wed, 02 Feb 2011 18:32:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63966 The Tribunal overturned the penalty imposed on a foodgrain firm under section 271(1)(c) of the Income Tax Act for alleged concealment of income. The Tribunal ruled that the revised return filed under the Amnesty Scheme, after detection of concealment, was valid as per Circular No. 451. It emphasized that additions in assessment alone do not prove concealment and cited judicial precedents to support its decision. The penalty was deemed unjustified, and the Tribunal allowed the assessee's appeal, quashing the penalty order. Case-Laws Income Tax Fri, 08 May 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63966