https://www.taxtmi.com/caselaws?id=210313 The High Court partially allowed the appeal, modifying the penalty order to exclude tax on the undisclosed income returned by the assessee but imposing a penalty on the additional income assessed at twice the amount of tax. The court found that the assessee did not comply with the mandatory conditions for penalty immunity, and therefore, was not entitled to complete immunity from penalty on the undisclosed income returned. The decision considered the financial difficulty of the assessee and allowed for the discharge of tax liability in instalments. en-us Mon, 04 Apr 2011 00:00:00 +0530 Wed, 26 Jun 2013 11:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=210313 The High Court partially allowed the appeal, modifying the penalty order to exclude tax on the undisclosed income returned by the assessee but imposing a penalty on the additional income assessed at twice the amount of tax. The court found that the assessee did not comply with the mandatory conditions for penalty immunity, and therefore, was not entitled to complete immunity from penalty on the undisclosed income returned. The decision considered the financial difficulty of the assessee and allowed for the discharge of tax liability in instalments. Case-Laws Income Tax Mon, 04 Apr 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=210313