https://www.taxtmi.com/caselaws?id=10977 The Tribunal justified canceling the penalty of Rs. 85,000 imposed under section 271(1)(c) of the Income-tax Act, 1961, but reduced it to Rs. 11,198 due to admitted concealment of income. The decision was based on the disclosed gross realisable fees and actual realisations in the returns, with discrepancies noted in income figures. The Tribunal found no attempt to conceal income or furnish inaccurate particulars until Rs. 93,802, but the unexplained difference of Rs. 11,198 warranted a reduced penalty amount. en-us Mon, 21 Apr 2003 00:00:00 +0530 Tue, 28 Jul 2009 18:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10977 The Tribunal justified canceling the penalty of Rs. 85,000 imposed under section 271(1)(c) of the Income-tax Act, 1961, but reduced it to Rs. 11,198 due to admitted concealment of income. The decision was based on the disclosed gross realisable fees and actual realisations in the returns, with discrepancies noted in income figures. The Tribunal found no attempt to conceal income or furnish inaccurate particulars until Rs. 93,802, but the unexplained difference of Rs. 11,198 warranted a reduced penalty amount. Case-Laws Income Tax Mon, 21 Apr 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10977