https://www.taxtmi.com/caselaws?id=189115 The Income Tax Appellate Tribunal upheld the penalty imposed under Section 271(1)(c) of the Income Tax Act, considering the undisclosed income surrendered by the assessee as a result of a settlement under Section 132. The Tribunal found evidence of income concealment post-search, justifying the penalty. Legal precedents were cited to support the decision, emphasizing the significance of admissions made by the assessee in settlement proceedings. The Court affirmed the Tribunal's decision, stating that subsequent disclosure by the assessee does not absolve them of the offense, and rejected reference applications under Section 256(1) without costs. en-us Tue, 13 Oct 1992 00:00:00 +0530 Wed, 28 Dec 2016 16:16:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=189115 The Income Tax Appellate Tribunal upheld the penalty imposed under Section 271(1)(c) of the Income Tax Act, considering the undisclosed income surrendered by the assessee as a result of a settlement under Section 132. The Tribunal found evidence of income concealment post-search, justifying the penalty. Legal precedents were cited to support the decision, emphasizing the significance of admissions made by the assessee in settlement proceedings. The Court affirmed the Tribunal's decision, stating that subsequent disclosure by the assessee does not absolve them of the offense, and rejected reference applications under Section 256(1) without costs. Case-Laws Income Tax Tue, 13 Oct 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=189115