https://www.taxtmi.com/caselaws?id=71444 The Tribunal upheld the penalty under section 271(1)(c) for the concealment of income related to the excise duty refund, deeming it as income under section 41(1) for the assessment year 1987-88. The Tribunal rejected the argument that the excise refund was disclosed adequately and emphasized the duty of the assessee to disclose material facts. The appeal was dismissed, and the penalty was upheld without addressing the point of limitation during the proceedings. en-us Wed, 11 Mar 1992 00:00:00 +0530 Sat, 23 Apr 2011 14:46:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71444 The Tribunal upheld the penalty under section 271(1)(c) for the concealment of income related to the excise duty refund, deeming it as income under section 41(1) for the assessment year 1987-88. The Tribunal rejected the argument that the excise refund was disclosed adequately and emphasized the duty of the assessee to disclose material facts. The appeal was dismissed, and the penalty was upheld without addressing the point of limitation during the proceedings. Case-Laws Income Tax Wed, 11 Mar 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71444