https://www.taxtmi.com/caselaws?id=23253 The court upheld the penalty imposed on an assessee partnership firm under section 271(1)(c) of the Income-tax Act, 1961 for the assessment year 1975-76. The tribunal found that the concealed income was deliberately understated by the assessee, justifying the penalty. The court determined that no question of law arose from the tribunal's decision and rejected the assessee's challenges. Additionally, the court dismissed the Revenue's plea for recomputation of penalty, stating that the tribunal lacked authority to enhance the penalty without a cross-appeal or objection. Ultimately, both applications were denied, affirming the penalty on the partnership firm. en-us Mon, 07 May 1990 00:00:00 +0530 Thu, 17 Dec 2009 17:42:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=23253 The court upheld the penalty imposed on an assessee partnership firm under section 271(1)(c) of the Income-tax Act, 1961 for the assessment year 1975-76. The tribunal found that the concealed income was deliberately understated by the assessee, justifying the penalty. The court determined that no question of law arose from the tribunal's decision and rejected the assessee's challenges. Additionally, the court dismissed the Revenue's plea for recomputation of penalty, stating that the tribunal lacked authority to enhance the penalty without a cross-appeal or objection. Ultimately, both applications were denied, affirming the penalty on the partnership firm. Case-Laws Income Tax Mon, 07 May 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=23253