https://www.taxtmi.com/caselaws?id=64248 The Tribunal upheld penalties imposed under Section 271(1)(c) of the Income Tax Act for deemed concealment of income. It determined that Explanation 3 applied as the assessee failed to file returns within the prescribed time and returns were regularized only after notice under Section 148 was issued. The Tribunal set aside the order canceling penalties, concluding that the penalties were rightly levied by the Assessing Officer. The appeals were allowed in favor of the Revenue, upholding penalties for all assessment years under appeal. en-us Mon, 13 Sep 1993 00:00:00 +0530 Sat, 05 Feb 2011 16:33:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=64248 The Tribunal upheld penalties imposed under Section 271(1)(c) of the Income Tax Act for deemed concealment of income. It determined that Explanation 3 applied as the assessee failed to file returns within the prescribed time and returns were regularized only after notice under Section 148 was issued. The Tribunal set aside the order canceling penalties, concluding that the penalties were rightly levied by the Assessing Officer. The appeals were allowed in favor of the Revenue, upholding penalties for all assessment years under appeal. Case-Laws Income Tax Mon, 13 Sep 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=64248