https://www.taxtmi.com/caselaws?id=70388 The Tribunal dismissed the appeals related to rectification under Section 154(1A) of the Income-tax Act, as there was no mistake apparent from the record in the reassessment orders. However, the appeals regarding penalties under Section 271(1)(c) were allowed. The penalties for concealment of income were cancelled as the losses from the illegal business should be considered, resulting in no concealed income. en-us Fri, 29 Dec 1989 00:00:00 +0530 Fri, 15 Apr 2011 18:35:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70388 The Tribunal dismissed the appeals related to rectification under Section 154(1A) of the Income-tax Act, as there was no mistake apparent from the record in the reassessment orders. However, the appeals regarding penalties under Section 271(1)(c) were allowed. The penalties for concealment of income were cancelled as the losses from the illegal business should be considered, resulting in no concealed income. Case-Laws Income Tax Fri, 29 Dec 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70388