https://www.taxtmi.com/caselaws?id=188445 The High Court held that the agreement not to levy penalties based on a revised return does not prevent the Assessing Authority from imposing penalties for income concealment. The Court disagreed with the Tribunal's decision to cancel the penalty of Rs. 70,000 under Section 271(1)(c), citing legal precedents. Consequently, the High Court ruled against the assessee, upholding the penalty imposed by the Assessing Officer. en-us Mon, 05 Sep 2005 00:00:00 +0530 Thu, 01 Dec 2016 12:14:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=188445 The High Court held that the agreement not to levy penalties based on a revised return does not prevent the Assessing Authority from imposing penalties for income concealment. The Court disagreed with the Tribunal's decision to cancel the penalty of Rs. 70,000 under Section 271(1)(c), citing legal precedents. Consequently, the High Court ruled against the assessee, upholding the penalty imposed by the Assessing Officer. Case-Laws Income Tax Mon, 05 Sep 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=188445