https://www.taxtmi.com/caselaws?id=18846 The High Court of Bombay dismissed the Revenue's application seeking direction to refer questions regarding the cancellation of penalty under section 271(1)(c) of the Income-tax Act, 1961 for concealed income for the assessment years 1977-78 and 1979-80. The Court upheld the Tribunal's decision, stating that no penalty could be imposed based solely on a settlement offer, as there was no evidence of concealed income apart from the offer. The Court found that the Revenue failed to prove concealment, emphasizing that no factual basis existed for assuming concealment. The application was dismissed, and no costs were awarded. en-us Tue, 23 Nov 1993 00:00:00 +0530 Mon, 02 Nov 2009 13:11:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18846 The High Court of Bombay dismissed the Revenue's application seeking direction to refer questions regarding the cancellation of penalty under section 271(1)(c) of the Income-tax Act, 1961 for concealed income for the assessment years 1977-78 and 1979-80. The Court upheld the Tribunal's decision, stating that no penalty could be imposed based solely on a settlement offer, as there was no evidence of concealed income apart from the offer. The Court found that the Revenue failed to prove concealment, emphasizing that no factual basis existed for assuming concealment. The application was dismissed, and no costs were awarded. Case-Laws Income Tax Tue, 23 Nov 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18846