https://www.taxtmi.com/caselaws?id=217912 The case involved an appeal against the imposition of a penalty under section 271(1)(c) amounting to Rs. 5,00,000 for concealment of income based on a revised return. The penalty was upheld due to discrepancies in profit figures between the original and revised returns, despite the appellant's claim of filing the revised return without consent and no mala fide intention. The Tribunal confirmed the penalty but directed a recalculation based on the tax sought to be evaded. The penalty was justified as the appellant failed to explain the discrepancies in profit figures, leading to the penalty imposition. en-us Fri, 19 Oct 2012 00:00:00 +0530 Tue, 30 Oct 2012 08:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=217912 The case involved an appeal against the imposition of a penalty under section 271(1)(c) amounting to Rs. 5,00,000 for concealment of income based on a revised return. The penalty was upheld due to discrepancies in profit figures between the original and revised returns, despite the appellant's claim of filing the revised return without consent and no mala fide intention. The Tribunal confirmed the penalty but directed a recalculation based on the tax sought to be evaded. The penalty was justified as the appellant failed to explain the discrepancies in profit figures, leading to the penalty imposition. Case-Laws Income Tax Fri, 19 Oct 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=217912