https://www.taxtmi.com/caselaws?id=22166 The High Court of Kerala addressed penalties under section 271(1)(c) of the Income-tax Act for alleged income concealment in the years 1966-67 and 1967-68. The Court emphasized that filing revised returns does not automatically absolve the assessee from concealment charges. It found the Tribunal's examination of the assessee's explanation lacking and remanded the matter for reconsideration. Upon review, the Tribunal upheld the concealment findings and imposed minimum penalties. The High Court directed the Tribunal to refer legal questions for its opinion, stressing the need for a thorough assessment before penalizing under the Income-tax Act. en-us Fri, 12 Apr 1991 00:00:00 +0530 Mon, 07 Dec 2009 17:36:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=22166 The High Court of Kerala addressed penalties under section 271(1)(c) of the Income-tax Act for alleged income concealment in the years 1966-67 and 1967-68. The Court emphasized that filing revised returns does not automatically absolve the assessee from concealment charges. It found the Tribunal's examination of the assessee's explanation lacking and remanded the matter for reconsideration. Upon review, the Tribunal upheld the concealment findings and imposed minimum penalties. The High Court directed the Tribunal to refer legal questions for its opinion, stressing the need for a thorough assessment before penalizing under the Income-tax Act. Case-Laws Income Tax Fri, 12 Apr 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=22166