https://www.taxtmi.com/caselaws?id=7901 Penalty proceedings were validly commenced when the assessment order itself recorded a direction to initiate concealment action; section 274 did not bar initiation by the Income-tax Officer, and section 275 was satisfied if the penalty order was made within the prescribed period after completion of assessment. The penalty for concealment under section 271(1)(c) was also justified on the facts because the assessee surrendered disputed cash credits and unexplained investment as its own income, and the Tribunal found a deliberate device to suppress income rather than a merely false explanation. The concealment penalty was therefore sustained. en-us Fri, 29 May 1970 00:00:00 +0530 Mon, 23 Mar 2009 17:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7901 Penalty proceedings were validly commenced when the assessment order itself recorded a direction to initiate concealment action; section 274 did not bar initiation by the Income-tax Officer, and section 275 was satisfied if the penalty order was made within the prescribed period after completion of assessment. The penalty for concealment under section 271(1)(c) was also justified on the facts because the assessee surrendered disputed cash credits and unexplained investment as its own income, and the Tribunal found a deliberate device to suppress income rather than a merely false explanation. The concealment penalty was therefore sustained. Case-Laws Income Tax Fri, 29 May 1970 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7901