https://www.taxtmi.com/caselaws?id=15130 Penalty under the Income-tax Act for concealment of income was sustained where the assessee did not dispute the addition of Rs. 2 lakhs and accepted the Revenue's concession that interest income of Rs. 64,042 remained assessable. On those admitted facts, the Tribunal treated the aggregate concealed income as Rs. 2,64,042 and upheld penalty under section 271(1)(c). The stated principle is that concealment or furnishing of inaccurate particulars can be inferred from admissions and conceded assessable income, and such material may support both the concealment finding and the penalty. en-us Wed, 15 Apr 1998 00:00:00 +0530 Mon, 03 Aug 2009 12:11:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=15130 Penalty under the Income-tax Act for concealment of income was sustained where the assessee did not dispute the addition of Rs. 2 lakhs and accepted the Revenue's concession that interest income of Rs. 64,042 remained assessable. On those admitted facts, the Tribunal treated the aggregate concealed income as Rs. 2,64,042 and upheld penalty under section 271(1)(c). The stated principle is that concealment or furnishing of inaccurate particulars can be inferred from admissions and conceded assessable income, and such material may support both the concealment finding and the penalty. Case-Laws Income Tax Wed, 15 Apr 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=15130