https://www.taxtmi.com/caselaws?id=16110 The High Court upheld the levy of penalties under section 271(1)(c) of the IT Act for the assessment years 1967-68, 1968-69, and 1969-70. The Court found that the assessee concealed income in the original returns and only made a voluntary disclosure after a survey operation and the reopening of assessments. The Court emphasized that penalties were warranted for deliberate concealment of income in the original returns, as the assessee failed to discharge the Explanation to section 271(1)(c). The Tribunal's decision to cancel the penalties was deemed incorrect, ruling in favor of the Department. en-us Fri, 06 Feb 1998 00:00:00 +0530 Tue, 01 Sep 2009 11:57:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16110 The High Court upheld the levy of penalties under section 271(1)(c) of the IT Act for the assessment years 1967-68, 1968-69, and 1969-70. The Court found that the assessee concealed income in the original returns and only made a voluntary disclosure after a survey operation and the reopening of assessments. The Court emphasized that penalties were warranted for deliberate concealment of income in the original returns, as the assessee failed to discharge the Explanation to section 271(1)(c). The Tribunal's decision to cancel the penalties was deemed incorrect, ruling in favor of the Department. Case-Laws Income Tax Fri, 06 Feb 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16110