https://www.taxtmi.com/caselaws?id=66975 The Tribunal allowed the appeal, canceling the penalty of Rs. 18,335 under section 271(1)(c) of the IT Act, 1961, upheld by the AAC. The Tribunal found that the transactions in question, although not fully accepted, did not warrant a penalty as the income from property and interest was separately disclosed and assessed in the wives' names. The Tribunal concluded that the assessee's actions did not amount to concealment, citing Supreme Court judgments to support their decision. en-us Mon, 25 Feb 1980 00:00:00 +0530 Tue, 08 Mar 2011 15:43:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66975 The Tribunal allowed the appeal, canceling the penalty of Rs. 18,335 under section 271(1)(c) of the IT Act, 1961, upheld by the AAC. The Tribunal found that the transactions in question, although not fully accepted, did not warrant a penalty as the income from property and interest was separately disclosed and assessed in the wives' names. The Tribunal concluded that the assessee's actions did not amount to concealment, citing Supreme Court judgments to support their decision. Case-Laws Income Tax Mon, 25 Feb 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66975