https://www.taxtmi.com/caselaws?id=12755 Penalty under section 271(1)(c) and prosecution under section 276C of the Income-tax Act serve different statutory purposes: the former is a civil levy to protect revenue, while the latter is punitive and depends on wilful concealment. An acquittal in the criminal case did not, by itself, invalidate the concealment penalty where the penalty had already been imposed and was independently supported by the assessment record and appellate findings. No issue estoppel arose because the criminal verdict was not based on the same evidentiary foundation as the penalty proceedings. The penalty therefore remained leviable despite the acquittal. en-us Thu, 06 Dec 2001 00:00:00 +0530 Thu, 21 May 2009 17:49:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12755 Penalty under section 271(1)(c) and prosecution under section 276C of the Income-tax Act serve different statutory purposes: the former is a civil levy to protect revenue, while the latter is punitive and depends on wilful concealment. An acquittal in the criminal case did not, by itself, invalidate the concealment penalty where the penalty had already been imposed and was independently supported by the assessment record and appellate findings. No issue estoppel arose because the criminal verdict was not based on the same evidentiary foundation as the penalty proceedings. The penalty therefore remained leviable despite the acquittal. Case-Laws Income Tax Thu, 06 Dec 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12755