https://www.taxtmi.com/caselaws?id=64194 The Tribunal partially allowed the appeal against the penalty imposed under s. 271(1)(c) of the IT Act for the assessment year 1977-78. It directed the ITO to calculate and impose the minimum penalty only for the specifically concealed amount of Rs. 10,700, ruling out penalty for the estimated surrender made by the assessee. The Tribunal considered the bona fide intentions behind the surrender and the lack of conclusive evidence of concealment in other aspects, leading to the adjustment in the penalty amount. en-us Fri, 20 Mar 1987 00:00:00 +0530 Sat, 05 Feb 2011 13:12:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=64194 The Tribunal partially allowed the appeal against the penalty imposed under s. 271(1)(c) of the IT Act for the assessment year 1977-78. It directed the ITO to calculate and impose the minimum penalty only for the specifically concealed amount of Rs. 10,700, ruling out penalty for the estimated surrender made by the assessee. The Tribunal considered the bona fide intentions behind the surrender and the lack of conclusive evidence of concealment in other aspects, leading to the adjustment in the penalty amount. Case-Laws Income Tax Fri, 20 Mar 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=64194