https://www.taxtmi.com/caselaws?id=14559 The court upheld the penalties for concealment of income under section 271(1)(c) of the Income-tax Act, 1961, despite the assessee's argument that there was no concealment. The Tribunal's decision was based on factual findings and material on record, emphasizing that the letter submitted by the assessee was not the basis of assessment. The court ruled that the condition in the letter regarding non-levy of penalties was not proven to have been accepted by the Assessing Officer. Additionally, the court clarified that when an assessee declares a loss but the assessment shows positive income, the total concealed amount is considered the total income for penalty calculation purposes. en-us Fri, 05 Nov 1999 00:00:00 +0530 Fri, 17 Jul 2009 11:50:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=14559 The court upheld the penalties for concealment of income under section 271(1)(c) of the Income-tax Act, 1961, despite the assessee's argument that there was no concealment. The Tribunal's decision was based on factual findings and material on record, emphasizing that the letter submitted by the assessee was not the basis of assessment. The court ruled that the condition in the letter regarding non-levy of penalties was not proven to have been accepted by the Assessing Officer. Additionally, the court clarified that when an assessee declares a loss but the assessment shows positive income, the total concealed amount is considered the total income for penalty calculation purposes. Case-Laws Income Tax Fri, 05 Nov 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=14559