https://www.taxtmi.com/caselaws?id=20755 Penalty under section 271(1)(c) was considered in relation to a concurrent finding of conscious concealment and the Tribunal's reduction of the penalty. The High Court noted that the Tribunal relied on materials not relied on by either party and that no challenge was made to the concealment finding or the ledger opening balance. On that basis, the Tribunal's quantification of the penalty was treated as a misdirection and legally unsound. The Court also considered leave to appeal under section 261 and declined certification, finding no fit case for appeal to the Supreme Court. en-us Mon, 18 Jan 1993 00:00:00 +0530 Tue, 17 Nov 2009 10:51:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20755 Penalty under section 271(1)(c) was considered in relation to a concurrent finding of conscious concealment and the Tribunal's reduction of the penalty. The High Court noted that the Tribunal relied on materials not relied on by either party and that no challenge was made to the concealment finding or the ledger opening balance. On that basis, the Tribunal's quantification of the penalty was treated as a misdirection and legally unsound. The Court also considered leave to appeal under section 261 and declined certification, finding no fit case for appeal to the Supreme Court. Case-Laws Income Tax Mon, 18 Jan 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20755