https://www.taxtmi.com/caselaws?id=9258 The court upheld the penalty under section 271(1)(c) of the Income-tax Act, 1961, finding evidence of deliberate concealment of income based on purchaser testimony and lack of electricity usage. The penalty was reduced from Rs. 36,000 to Rs. 10,000 due to reduced additions in the chicory business. Assessments of income from sales of chicory and French coffee were adjusted downwards, with the Tribunal reducing the additions based on available evidence. The court affirmed the applicability of section 271(1)(c) for concealment prior to the enactment of the Income-tax Act, 1961. en-us Tue, 27 Mar 1973 00:00:00 +0530 Sat, 20 Jun 2009 16:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9258 The court upheld the penalty under section 271(1)(c) of the Income-tax Act, 1961, finding evidence of deliberate concealment of income based on purchaser testimony and lack of electricity usage. The penalty was reduced from Rs. 36,000 to Rs. 10,000 due to reduced additions in the chicory business. Assessments of income from sales of chicory and French coffee were adjusted downwards, with the Tribunal reducing the additions based on available evidence. The court affirmed the applicability of section 271(1)(c) for concealment prior to the enactment of the Income-tax Act, 1961. Case-Laws Income Tax Tue, 27 Mar 1973 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9258