https://www.taxtmi.com/caselaws?id=16379 The High Court of Madras upheld the Tribunal's decision to cancel penalties imposed under section 271(1)(c) of the Income-tax Act, 1961 for the assessment year 1973-74. The penalties related to income from a self-occupied property and capital gains from certain lands. The court found no concealment of income in both instances, supporting the deletion of penalties amounting to Rs. 2,153 and Rs. 25,000. The assessee's admissions were deemed not to constitute concealment, leading to a ruling in favor of the assessee and affirming the Tribunal's decision to delete the penalties. en-us Mon, 17 Mar 1997 00:00:00 +0530 Mon, 07 Sep 2009 13:24:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16379 The High Court of Madras upheld the Tribunal's decision to cancel penalties imposed under section 271(1)(c) of the Income-tax Act, 1961 for the assessment year 1973-74. The penalties related to income from a self-occupied property and capital gains from certain lands. The court found no concealment of income in both instances, supporting the deletion of penalties amounting to Rs. 2,153 and Rs. 25,000. The assessee's admissions were deemed not to constitute concealment, leading to a ruling in favor of the assessee and affirming the Tribunal's decision to delete the penalties. Case-Laws Income Tax Mon, 17 Mar 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16379