https://www.taxtmi.com/caselaws?id=64445 The Tribunal allowed the revenue's appeals, reinstating penalties imposed by the ITO for concealment of income under Section 271(1)(c) of the Income Tax Act. The Tribunal held that the settlement petition did not absolve the assessee from penalties, emphasizing the statutory conditions for waiver. The Tribunal found that the explanations provided were unsatisfactory, deeming the income concealed and justifying the penalties. The CIT(A)'s decision to cancel the penalties was overturned, affirming the imposition of penalties for the assessment years in question. en-us Fri, 11 Aug 1989 00:00:00 +0530 Mon, 07 Feb 2011 18:39:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=64445 The Tribunal allowed the revenue's appeals, reinstating penalties imposed by the ITO for concealment of income under Section 271(1)(c) of the Income Tax Act. The Tribunal held that the settlement petition did not absolve the assessee from penalties, emphasizing the statutory conditions for waiver. The Tribunal found that the explanations provided were unsatisfactory, deeming the income concealed and justifying the penalties. The CIT(A)'s decision to cancel the penalties was overturned, affirming the imposition of penalties for the assessment years in question. Case-Laws Income Tax Fri, 11 Aug 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=64445