https://www.taxtmi.com/caselaws?id=21623 The Court upheld the penalty imposed under section 271(1)(c) for concealment of income for the assessment year 1976-77. The Court rejected the assessee's argument that the penalty should not apply due to an agreement with the Revenue, emphasizing the lack of a clear agreement to waive the penalty. The Court determined that the assessment was not based on any concession by the assessee and upheld the imposition of the penalty in favor of the Revenue. en-us Mon, 03 Jun 1991 00:00:00 +0530 Thu, 26 Nov 2009 11:22:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21623 The Court upheld the penalty imposed under section 271(1)(c) for concealment of income for the assessment year 1976-77. The Court rejected the assessee's argument that the penalty should not apply due to an agreement with the Revenue, emphasizing the lack of a clear agreement to waive the penalty. The Court determined that the assessment was not based on any concession by the assessee and upheld the imposition of the penalty in favor of the Revenue. Case-Laws Income Tax Mon, 03 Jun 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21623