https://www.taxtmi.com/caselaws?id=13049 The court found that there was no evidence to support the existence of an assurance that no penalty would be imposed for filing revised tax returns. It was emphasized that findings must be based on admissible material, not assumptions. The court also held that filing revised returns under compulsion to avoid reopening of assessments did not exempt the assessee from penalties for concealment of income. Consequently, the Tribunal's decision to cancel the penalties imposed under section 271(1)(c) was deemed unjustified, and the penalties were upheld. en-us Sat, 06 Oct 2001 00:00:00 +0530 Tue, 26 May 2009 11:18:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=13049 The court found that there was no evidence to support the existence of an assurance that no penalty would be imposed for filing revised tax returns. It was emphasized that findings must be based on admissible material, not assumptions. The court also held that filing revised returns under compulsion to avoid reopening of assessments did not exempt the assessee from penalties for concealment of income. Consequently, the Tribunal's decision to cancel the penalties imposed under section 271(1)(c) was deemed unjustified, and the penalties were upheld. Case-Laws Income Tax Sat, 06 Oct 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=13049