https://www.taxtmi.com/caselaws?id=65696 The Tribunal partly allowed the appeals, affirming the Income-tax Officer's jurisdiction to impose penalties under the amended Section 274. It found deliberate concealment of income by the assessee and reduced penalties to the minimum imposable under the law. The Tribunal directed the Income-tax Officer to recalculate penalties and refund any excess amounts, noting that penalties exceeding the prescribed maximum for one assessment year rendered the order void ab initio. en-us Wed, 18 Jan 1978 00:00:00 +0530 Fri, 18 Feb 2011 13:26:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65696 The Tribunal partly allowed the appeals, affirming the Income-tax Officer's jurisdiction to impose penalties under the amended Section 274. It found deliberate concealment of income by the assessee and reduced penalties to the minimum imposable under the law. The Tribunal directed the Income-tax Officer to recalculate penalties and refund any excess amounts, noting that penalties exceeding the prescribed maximum for one assessment year rendered the order void ab initio. Case-Laws Income Tax Wed, 18 Jan 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65696