https://www.taxtmi.com/caselaws?id=69021 The Tribunal upheld the imposition of penalty under section 271(1)(c) of the Income-tax Act but directed that the penalty be recomputed based on the correct peak credit amount of Rs. 10,000 and the difference of Rs. 29,547 in the account of Jupiter Ruling and Binding Works. The appeal was allowed in part, and the minimum penalty applicable under the law for the concealment of Rs. 39,547 was to be levied by the Income-tax Officer. en-us Mon, 11 Sep 1989 00:00:00 +0530 Mon, 04 Apr 2011 15:38:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69021 The Tribunal upheld the imposition of penalty under section 271(1)(c) of the Income-tax Act but directed that the penalty be recomputed based on the correct peak credit amount of Rs. 10,000 and the difference of Rs. 29,547 in the account of Jupiter Ruling and Binding Works. The appeal was allowed in part, and the minimum penalty applicable under the law for the concealment of Rs. 39,547 was to be levied by the Income-tax Officer. Case-Laws Income Tax Mon, 11 Sep 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69021