https://www.taxtmi.com/caselaws?id=12122 The High Court ruled in favor of the Revenue, disagreeing with the Tribunal's decision to cancel the penalties under section 271(1)(c) for the assessment years 1972-73 to 1975-76. The Court emphasized the clear admission of income concealment by the assessee, the importance of considering seized materials and statements in penalty imposition, and the need to calculate penalties based on the law prevailing at the time of filing the original return. The decision underscored the seriousness of addressing income concealment and applying appropriate legal provisions to deter such actions. en-us Wed, 19 Aug 1998 00:00:00 +0530 Wed, 17 Feb 2010 17:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12122 The High Court ruled in favor of the Revenue, disagreeing with the Tribunal's decision to cancel the penalties under section 271(1)(c) for the assessment years 1972-73 to 1975-76. The Court emphasized the clear admission of income concealment by the assessee, the importance of considering seized materials and statements in penalty imposition, and the need to calculate penalties based on the law prevailing at the time of filing the original return. The decision underscored the seriousness of addressing income concealment and applying appropriate legal provisions to deter such actions. Case-Laws Income Tax Wed, 19 Aug 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12122