https://www.taxtmi.com/caselaws?id=18707 The Tribunal reduced the penalty amount imposed on a Hindu undivided family for concealing business income, determining the aggregate concealment to be Rs. 6.44 lakhs instead of Rs. 10 lakhs. It held that the penalty for each assessment year should be Rs. 80,000, not Rs. 1,25,000 as initially imposed, based on the facts of each year. The Tribunal dismissed the contention that penalties on the defunct family were invalid, affirming the legality of penalties up to the assessment year 1975-76. The Commissioner's request to refer questions of law was denied as no referable question arose from the order. en-us Thu, 13 Jul 1995 00:00:00 +0530 Sat, 31 Oct 2009 15:06:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18707 The Tribunal reduced the penalty amount imposed on a Hindu undivided family for concealing business income, determining the aggregate concealment to be Rs. 6.44 lakhs instead of Rs. 10 lakhs. It held that the penalty for each assessment year should be Rs. 80,000, not Rs. 1,25,000 as initially imposed, based on the facts of each year. The Tribunal dismissed the contention that penalties on the defunct family were invalid, affirming the legality of penalties up to the assessment year 1975-76. The Commissioner's request to refer questions of law was denied as no referable question arose from the order. Case-Laws Income Tax Thu, 13 Jul 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18707