https://www.taxtmi.com/caselaws?id=21563 The Tribunal upheld the penalty imposed by the Inspecting Assistant Commissioner under section 271(1)(c) of the Income-tax Act, 1961, finding that the assessee concealed Rs. 2,62,000 and disallowed an interest claim. The High Court remanded the matter, directing the Tribunal to reconsider based on the law at the return filing date. The Tribunal upheld the penalty, stating the assessee failed to rebut the presumption of concealment. The High Court criticized the delay and lack of opportunity for evidence presentation, directing the Tribunal to reevaluate the case within six months. en-us Wed, 12 Jun 1991 00:00:00 +0530 Wed, 25 Nov 2009 13:15:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21563 The Tribunal upheld the penalty imposed by the Inspecting Assistant Commissioner under section 271(1)(c) of the Income-tax Act, 1961, finding that the assessee concealed Rs. 2,62,000 and disallowed an interest claim. The High Court remanded the matter, directing the Tribunal to reconsider based on the law at the return filing date. The Tribunal upheld the penalty, stating the assessee failed to rebut the presumption of concealment. The High Court criticized the delay and lack of opportunity for evidence presentation, directing the Tribunal to reevaluate the case within six months. Case-Laws Income Tax Wed, 12 Jun 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21563