https://www.taxtmi.com/caselaws?id=276334 The court upheld the imposition of a penalty under section 28(1)(c) of the Income-tax Act on a firm of Military Contractors for concealment of income, despite a reduced amount. The court emphasized that penalties can be imposed for non-disclosure or furnishing inaccurate particulars of income, not solely based on the concealed income amount. The court found the concealment regarding the sale of coal justified the penalty and directed the penalty amount to be calculated based on the actual tax paid and the tax payable if the original return was accepted. The court affirmed the penalty imposition and ordered the assessee to bear the reference costs. en-us Wed, 12 Jan 1955 00:00:00 +0530 Tue, 06 Nov 2018 15:55:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276334 The court upheld the imposition of a penalty under section 28(1)(c) of the Income-tax Act on a firm of Military Contractors for concealment of income, despite a reduced amount. The court emphasized that penalties can be imposed for non-disclosure or furnishing inaccurate particulars of income, not solely based on the concealed income amount. The court found the concealment regarding the sale of coal justified the penalty and directed the penalty amount to be calculated based on the actual tax paid and the tax payable if the original return was accepted. The court affirmed the penalty imposition and ordered the assessee to bear the reference costs. Case-Laws Income Tax Wed, 12 Jan 1955 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276334