https://www.taxtmi.com/caselaws?id=19926 The Court dismissed the firm's applications under section 256(2) of the Income-tax Act, 1961 for assessment years 1974-75 to 1978-79. The firm's agreement to spread undisclosed income over multiple years did not exempt it from concealment charges. Filing revised returns acknowledging concealment indicated guilt, and no agreement could waive statutory obligations. As the Tribunal found the concealed income spread over years, no legal question for penalty imposition arose. Consequently, the Court upheld the Income-tax Officer's penalties under section 271(1)(c). en-us Mon, 04 Oct 1993 00:00:00 +0530 Wed, 28 Dec 2016 18:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19926 The Court dismissed the firm's applications under section 256(2) of the Income-tax Act, 1961 for assessment years 1974-75 to 1978-79. The firm's agreement to spread undisclosed income over multiple years did not exempt it from concealment charges. Filing revised returns acknowledging concealment indicated guilt, and no agreement could waive statutory obligations. As the Tribunal found the concealed income spread over years, no legal question for penalty imposition arose. Consequently, the Court upheld the Income-tax Officer's penalties under section 271(1)(c). Case-Laws Income Tax Mon, 04 Oct 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19926