https://www.taxtmi.com/article/detailed?id=527 The Supreme Court held that penalties for concealment may be levied even when an assessee shows an assessed loss, and remitted unresolved questions of whether deductions were bona fide or amounted to concealment to the Tribunal for factual determination. The decision warns against relying solely on technical defences because subsequent larger bench rulings and legislative deeming provisions can alter liability; litigants should therefore build cases on factual merits, multiple legal grounds, and seek full factual examination rather than limited technical dispositions. en-us Wed, 14 Oct 2009 00:00:00 +0530 Tue, 04 Jan 2011 17:02:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=527 The Supreme Court held that penalties for concealment may be levied even when an assessee shows an assessed loss, and remitted unresolved questions of whether deductions were bona fide or amounted to concealment to the Tribunal for factual determination. The decision warns against relying solely on technical defences because subsequent larger bench rulings and legislative deeming provisions can alter liability; litigants should therefore build cases on factual merits, multiple legal grounds, and seek full factual examination rather than limited technical dispositions. Articles Income Tax Wed, 14 Oct 2009 00:00:00 +0530 https://www.taxtmi.com/article/detailed?id=527