https://www.taxtmi.com/caselaws?id=19800 The court upheld the penalty imposed under section 271(1)(c) of the Income-tax Act, 1961, for concealment of income. The Tribunal's findings supported the imposition of the penalty due to the assessee's failure to prove lack of fraud or negligence, as required by the law. Despite the reduction of the addition to the returned income, the court deemed the penalty justified based on the circumstances and legal provisions. Consequently, the court ruled against the assessee, in favor of the Revenue, affirming the penalty and disposing of the reference without costs. en-us Wed, 04 Aug 1993 00:00:00 +0530 Mon, 09 Nov 2009 17:47:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19800 The court upheld the penalty imposed under section 271(1)(c) of the Income-tax Act, 1961, for concealment of income. The Tribunal's findings supported the imposition of the penalty due to the assessee's failure to prove lack of fraud or negligence, as required by the law. Despite the reduction of the addition to the returned income, the court deemed the penalty justified based on the circumstances and legal provisions. Consequently, the court ruled against the assessee, in favor of the Revenue, affirming the penalty and disposing of the reference without costs. Case-Laws Income Tax Wed, 04 Aug 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19800