https://www.taxtmi.com/caselaws?id=13105 The High Court upheld the Tribunal's decision that no clear concealment of income was established, emphasizing the lack of concrete evidence for imposing a penalty under section 271(1)(c) of the Income-tax Act, 1961. The Court agreed with the Tribunal that discrepancies in stock values disclosed to the bank did not amount to deliberate concealment. Consequently, the penalty imposed by the Assessing Officer was canceled, ruling in favor of the assessee and against the Revenue. en-us Wed, 29 Aug 2001 00:00:00 +0530 Tue, 26 May 2009 13:47:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=13105 The High Court upheld the Tribunal's decision that no clear concealment of income was established, emphasizing the lack of concrete evidence for imposing a penalty under section 271(1)(c) of the Income-tax Act, 1961. The Court agreed with the Tribunal that discrepancies in stock values disclosed to the bank did not amount to deliberate concealment. Consequently, the penalty imposed by the Assessing Officer was canceled, ruling in favor of the assessee and against the Revenue. Case-Laws Income Tax Wed, 29 Aug 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=13105