https://www.taxtmi.com/caselaws?id=22676 The High Court upheld the decision of the Tribunal regarding the retention of income by the Appellate Assistant Commissioner, finding that the addition of suppressed income was justified. The Court also ruled in favor of the Revenue regarding the use of evidence by the Inspecting Assistant Commissioner, emphasizing the independence of penalty proceedings from assessment. Additionally, the Court found no inadmissible evidence considered by the Inspecting Assistant Commissioner and held the firm liable for the managing partner's concealment of income. The minimum penalty under section 271(1)(c) was deemed justified, with a penalty of 25% for other years covered by the settlement. en-us Mon, 13 Aug 1990 00:00:00 +0530 Sat, 12 Dec 2009 12:38:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=22676 The High Court upheld the decision of the Tribunal regarding the retention of income by the Appellate Assistant Commissioner, finding that the addition of suppressed income was justified. The Court also ruled in favor of the Revenue regarding the use of evidence by the Inspecting Assistant Commissioner, emphasizing the independence of penalty proceedings from assessment. Additionally, the Court found no inadmissible evidence considered by the Inspecting Assistant Commissioner and held the firm liable for the managing partner's concealment of income. The minimum penalty under section 271(1)(c) was deemed justified, with a penalty of 25% for other years covered by the settlement. Case-Laws Income Tax Mon, 13 Aug 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=22676