https://www.taxtmi.com/caselaws?id=241915 The court upheld the penalty imposed under Section 271(1)(c) for income concealment, reducing it to 100% from the initial 150%. The penalty order was found not barred by limitation under Section 275, as penalty notices were issued within the permissible period. The court clarified that reliance on Explanation-3 to Section 271(1)(c) was unnecessary as the penalty proceedings were based on the main provision. The appellant's arguments were dismissed, and the penalty imposition was affirmed, leading to the dismissal of the appeals. en-us Tue, 03 Dec 2013 00:00:00 +0530 Fri, 03 Jan 2014 19:01:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=241915 The court upheld the penalty imposed under Section 271(1)(c) for income concealment, reducing it to 100% from the initial 150%. The penalty order was found not barred by limitation under Section 275, as penalty notices were issued within the permissible period. The court clarified that reliance on Explanation-3 to Section 271(1)(c) was unnecessary as the penalty proceedings were based on the main provision. The appellant's arguments were dismissed, and the penalty imposition was affirmed, leading to the dismissal of the appeals. Case-Laws Income Tax Tue, 03 Dec 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=241915