https://www.taxtmi.com/caselaws?id=64418 The Tribunal upheld the penalty imposed by the ITO under section 271(1)(c) on an individual assessee for concealing capital gain from the sale of a property in the original return for the assessment year 1969-70. The Appellate Assistant Commissioner affirmed the penalty, considering the concealment willful. The Tribunal determined that the ITO had jurisdiction to impose the penalty without referral to the IAC, as the relevant provisions had changed post-1-4-1976. The penalty amount was linked to the concealed income for the period between 1-4-1968 and 31-3-1976, emphasizing the correlation between penalty proceedings and the original return. en-us Fri, 03 May 1985 00:00:00 +0530 Mon, 07 Feb 2011 17:40:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=64418 The Tribunal upheld the penalty imposed by the ITO under section 271(1)(c) on an individual assessee for concealing capital gain from the sale of a property in the original return for the assessment year 1969-70. The Appellate Assistant Commissioner affirmed the penalty, considering the concealment willful. The Tribunal determined that the ITO had jurisdiction to impose the penalty without referral to the IAC, as the relevant provisions had changed post-1-4-1976. The penalty amount was linked to the concealed income for the period between 1-4-1968 and 31-3-1976, emphasizing the correlation between penalty proceedings and the original return. Case-Laws Income Tax Fri, 03 May 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=64418