https://www.taxtmi.com/caselaws?id=71010 The Tribunal partially upheld the penalty imposed under section 271(1)(c) for concealment of income. The penalty for the addition of Rs. 1,06,837 relating to expenses from an earlier year was upheld, while penalties for other additions were canceled. The dissenting opinion suggested that penalties should not apply when both returned and assessed figures are losses, but the Third Member upheld the penalty imposition. The Department's appeal was partly allowed, with penalties being partly justified and partly canceled. en-us Fri, 26 Sep 1997 00:00:00 +0530 Thu, 20 Jun 2013 17:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71010 The Tribunal partially upheld the penalty imposed under section 271(1)(c) for concealment of income. The penalty for the addition of Rs. 1,06,837 relating to expenses from an earlier year was upheld, while penalties for other additions were canceled. The dissenting opinion suggested that penalties should not apply when both returned and assessed figures are losses, but the Third Member upheld the penalty imposition. The Department's appeal was partly allowed, with penalties being partly justified and partly canceled. Case-Laws Income Tax Fri, 26 Sep 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71010