https://www.taxtmi.com/caselaws?id=68895 Duplicate account books revealed unrecorded transactions and suppressed turnover; the assessees did not reconcile the discrepancies or sustain their challenge, so the revised assessments were upheld. In relation to penalty, deliberate concealment justified levy, but the statutory maximum was not automatic merely because suppression was proved. The penalty had to reflect the facts and judicial discretion, and a deterrent penalty of 50% of the tax suppressed was treated as sufficient. The result was that the reassessments stood, while the penalties were sustained in principle but substantially reduced, giving only limited relief to the assessees. en-us Fri, 27 Jun 1975 00:00:00 +0530 Sat, 02 Apr 2011 12:31:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=68895 Duplicate account books revealed unrecorded transactions and suppressed turnover; the assessees did not reconcile the discrepancies or sustain their challenge, so the revised assessments were upheld. In relation to penalty, deliberate concealment justified levy, but the statutory maximum was not automatic merely because suppression was proved. The penalty had to reflect the facts and judicial discretion, and a deterrent penalty of 50% of the tax suppressed was treated as sufficient. The result was that the reassessments stood, while the penalties were sustained in principle but substantially reduced, giving only limited relief to the assessees. Case-Laws Income Tax Fri, 27 Jun 1975 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=68895