https://www.taxtmi.com/caselaws?id=14755 Penalty under s. 271(1)(c) for alleged concealment was in issue. The HC held that where the assessed income was accepted only as a cooperative, conditional agreement to avoid penal consequences, and the assessment order disclosed no basis for estimating the enhanced income, the agreement could not support an inference of concealment. Treating as findings of fact that the acceptance was conditional on no penalty and that actual concealment was not established, the HC held the assessee had discharged the onus under the Explanation to s. 271(1)(c). Consequently, penalty was not imposable and all questions were answered in favour of the assessee and against the Revenue. en-us Tue, 21 Sep 1999 00:00:00 +0530 Thu, 01 Jan 2026 12:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=14755 Penalty under s. 271(1)(c) for alleged concealment was in issue. The HC held that where the assessed income was accepted only as a cooperative, conditional agreement to avoid penal consequences, and the assessment order disclosed no basis for estimating the enhanced income, the agreement could not support an inference of concealment. Treating as findings of fact that the acceptance was conditional on no penalty and that actual concealment was not established, the HC held the assessee had discharged the onus under the Explanation to s. 271(1)(c). Consequently, penalty was not imposable and all questions were answered in favour of the assessee and against the Revenue. Case-Laws Income Tax Tue, 21 Sep 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=14755