https://www.taxtmi.com/caselaws?id=17020 The court upheld the reliance on the statement of Smt. Joya Varshney for assessment years 1972-73, 1973-74, and 1974-75, finding it relevant and indicative of consistent receipts. The court also confirmed penalties under section 271(1)(c) of the Income-tax Act, noting clear evidence of concealed income and the Revenue meeting its burden of proof. The Tribunal's findings of concealment were upheld, emphasizing the independent and penal nature of penalty proceedings. The court ruled in favor of the Revenue, affirming the penalties against the assessee. en-us Fri, 26 Sep 1997 00:00:00 +0530 Mon, 14 Sep 2009 16:13:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=17020 The court upheld the reliance on the statement of Smt. Joya Varshney for assessment years 1972-73, 1973-74, and 1974-75, finding it relevant and indicative of consistent receipts. The court also confirmed penalties under section 271(1)(c) of the Income-tax Act, noting clear evidence of concealed income and the Revenue meeting its burden of proof. The Tribunal's findings of concealment were upheld, emphasizing the independent and penal nature of penalty proceedings. The court ruled in favor of the Revenue, affirming the penalties against the assessee. Case-Laws Income Tax Fri, 26 Sep 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=17020