https://www.taxtmi.com/caselaws?id=204164 The court upheld the penalties imposed under Section 271(1)(c) of the Income Tax Act on the assessee, a registered firm, for concealment of income. Despite the Commissioner of Income Tax (Appeals) canceling the penalties based on voluntary disclosure, the Tribunal reinstated them, relying on legal precedents and the introduction of Explanation to Section 271(1)(c). The court agreed with the Revenue that the revised return, filed after a search at the Managing Partner's premises, did not absolve the assessee of culpability, as the undisclosed income was only disclosed post-search, leading to the dismissal of all appeals. en-us Mon, 20 Jun 2011 00:00:00 +0530 Tue, 28 Jun 2011 15:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=204164 The court upheld the penalties imposed under Section 271(1)(c) of the Income Tax Act on the assessee, a registered firm, for concealment of income. Despite the Commissioner of Income Tax (Appeals) canceling the penalties based on voluntary disclosure, the Tribunal reinstated them, relying on legal precedents and the introduction of Explanation to Section 271(1)(c). The court agreed with the Revenue that the revised return, filed after a search at the Managing Partner's premises, did not absolve the assessee of culpability, as the undisclosed income was only disclosed post-search, leading to the dismissal of all appeals. Case-Laws Income Tax Mon, 20 Jun 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=204164