https://www.taxtmi.com/caselaws?id=70154 The Tribunal upheld the penalty under section 271(1)(c) of the IT Act, 1961 on interest income for concealment but ruled out penalty on the deposit amount. It held that penalty is applicable only if income was earned and concealed by the assessee, following the Karnataka High Court ruling. The Tribunal dismissed departmental appeals and the assessee's cross-objection, affirming the AAC's decision on the penalty for interest income. en-us Thu, 29 Jun 1978 00:00:00 +0530 Thu, 14 Apr 2011 16:28:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70154 The Tribunal upheld the penalty under section 271(1)(c) of the IT Act, 1961 on interest income for concealment but ruled out penalty on the deposit amount. It held that penalty is applicable only if income was earned and concealed by the assessee, following the Karnataka High Court ruling. The Tribunal dismissed departmental appeals and the assessee's cross-objection, affirming the AAC's decision on the penalty for interest income. Case-Laws Income Tax Thu, 29 Jun 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70154