https://www.taxtmi.com/caselaws?id=22055 The court upheld the imposition of a penalty of Rs. 6,000 on a private limited company for concealing income from a house property during assessment proceedings for the assessment year 1969-70. The court ruled in favor of the Revenue, affirming the validity of the penalty imposed within the specified time limit. The concealment of income, particularly through a wrongful claim of vacancy allowance, justified the penalty imposition under section 271(1)(c) of the Income-tax Act, 1961. The appeal was dismissed, emphasizing the retrospective application of procedural laws to pending proceedings. en-us Tue, 19 Mar 1991 00:00:00 +0530 Sat, 05 Dec 2009 17:20:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=22055 The court upheld the imposition of a penalty of Rs. 6,000 on a private limited company for concealing income from a house property during assessment proceedings for the assessment year 1969-70. The court ruled in favor of the Revenue, affirming the validity of the penalty imposed within the specified time limit. The concealment of income, particularly through a wrongful claim of vacancy allowance, justified the penalty imposition under section 271(1)(c) of the Income-tax Act, 1961. The appeal was dismissed, emphasizing the retrospective application of procedural laws to pending proceedings. Case-Laws Income Tax Tue, 19 Mar 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=22055