https://www.taxtmi.com/caselaws?id=19693 The High Court ruled in favor of the assessee, holding that penalty under Section 271(1)(c) of the Income-tax Act cannot be solely based on estimated values but requires substantial evidence to prove concealment. The Court emphasized the need for additional material beyond valuation reports to establish concealment and overturned the penalty imposed by the Income-tax Officer. This case underscores the importance of thorough evidence and consideration of all relevant factors in penalty determinations under Section 271(1)(c) of the Income-tax Act, 1961. en-us Mon, 21 Mar 1994 00:00:00 +0530 Mon, 09 Nov 2009 10:30:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19693 The High Court ruled in favor of the assessee, holding that penalty under Section 271(1)(c) of the Income-tax Act cannot be solely based on estimated values but requires substantial evidence to prove concealment. The Court emphasized the need for additional material beyond valuation reports to establish concealment and overturned the penalty imposed by the Income-tax Officer. This case underscores the importance of thorough evidence and consideration of all relevant factors in penalty determinations under Section 271(1)(c) of the Income-tax Act, 1961. Case-Laws Income Tax Mon, 21 Mar 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19693