https://www.taxtmi.com/caselaws?id=71568 The Tribunal held that non-furnishing of the return within the stipulated period does not amount to concealment of income for existing assessees. As the income in question was disclosed in the return filed later, and the assessee was not covered by Explanation 3 to section 271(1)(c), the penalty imposed under that section was cancelled, and the appeal was allowed. en-us Wed, 08 Dec 1999 00:00:00 +0530 Mon, 25 Apr 2011 16:52:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71568 The Tribunal held that non-furnishing of the return within the stipulated period does not amount to concealment of income for existing assessees. As the income in question was disclosed in the return filed later, and the assessee was not covered by Explanation 3 to section 271(1)(c), the penalty imposed under that section was cancelled, and the appeal was allowed. Case-Laws Income Tax Wed, 08 Dec 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71568