https://www.taxtmi.com/caselaws?id=121550 The Tribunal dismissed the revenue's appeal and partly allowed the assessee's appeal. The penalty related to the suppressed labor receipts was upheld, while the penalty related to the declared gross receipts was deleted. The Tribunal emphasized the stringent nature of penalty provisions under section 271(1)(c) for deterring economic offenses and upheld penalties in cases of deliberate income concealment. en-us Tue, 24 Feb 2009 00:00:00 +0530 Tue, 31 Jul 2012 15:17:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=121550 The Tribunal dismissed the revenue's appeal and partly allowed the assessee's appeal. The penalty related to the suppressed labor receipts was upheld, while the penalty related to the declared gross receipts was deleted. The Tribunal emphasized the stringent nature of penalty provisions under section 271(1)(c) for deterring economic offenses and upheld penalties in cases of deliberate income concealment. Case-Laws Income Tax Tue, 24 Feb 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=121550