https://www.taxtmi.com/caselaws?id=8511 The court ruled against the assessee in terms of the applicability of sections 271/274 of the Income-tax Act, 1961. It found that there was concealment of income or deliberate furnishing of inaccurate particulars, contrary to the Tribunal's decision. The penalty reduction from Rs. 70,000 to Rs. 5,000 was deemed unjustified based on the past conduct of the assessee. The court answered the questions against the assessee, except for the second issue, where it ruled in favor of the assessee. Costs were assessed at Rs. 200 due to the partial success and failure of both parties. en-us Thu, 23 Dec 1971 00:00:00 +0530 Mon, 27 Apr 2009 17:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8511 The court ruled against the assessee in terms of the applicability of sections 271/274 of the Income-tax Act, 1961. It found that there was concealment of income or deliberate furnishing of inaccurate particulars, contrary to the Tribunal's decision. The penalty reduction from Rs. 70,000 to Rs. 5,000 was deemed unjustified based on the past conduct of the assessee. The court answered the questions against the assessee, except for the second issue, where it ruled in favor of the assessee. Costs were assessed at Rs. 200 due to the partial success and failure of both parties. Case-Laws Income Tax Thu, 23 Dec 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8511