https://www.taxtmi.com/caselaws?id=11971 Penalty for concealment under section 271(1)(c) was deleted because the Tribunal found, on appraisal of the material, that the amount collected above the printed price of cigarettes was received on behalf of the principal company, part of it was used for business purposes, and the assessee did not appropriate it as its own income. The finding was treated as one of fact, supported by the assessment order and the settlement proceedings concerning the principal company. On those facts, the penalty was not justified and interference with the Tribunal's order was unwarranted. en-us Mon, 29 Oct 2001 00:00:00 +0530 Sun, 14 Feb 2010 10:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11971 Penalty for concealment under section 271(1)(c) was deleted because the Tribunal found, on appraisal of the material, that the amount collected above the printed price of cigarettes was received on behalf of the principal company, part of it was used for business purposes, and the assessee did not appropriate it as its own income. The finding was treated as one of fact, supported by the assessment order and the settlement proceedings concerning the principal company. On those facts, the penalty was not justified and interference with the Tribunal's order was unwarranted. Case-Laws Income Tax Mon, 29 Oct 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11971