https://www.taxtmi.com/caselaws?id=19254 The High Court upheld the levy of penalty under section 271(1)(c) of the Income-tax Act, 1961, against the assessee, a registered firm operating an oil mill. Despite conflicting opinions on the existence of undisclosed income, the Court found that the concealment of income was established based on cogent material, reversing the Tribunal's decision to set aside the penalty imposed by the Appellate Assistant Commissioner. The judgment favored the Revenue, denying relief to the assessee and concluding the matter without awarding costs. en-us Wed, 18 Jan 1995 00:00:00 +0530 Thu, 05 Nov 2009 10:09:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19254 The High Court upheld the levy of penalty under section 271(1)(c) of the Income-tax Act, 1961, against the assessee, a registered firm operating an oil mill. Despite conflicting opinions on the existence of undisclosed income, the Court found that the concealment of income was established based on cogent material, reversing the Tribunal's decision to set aside the penalty imposed by the Appellate Assistant Commissioner. The judgment favored the Revenue, denying relief to the assessee and concluding the matter without awarding costs. Case-Laws Income Tax Wed, 18 Jan 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19254