https://www.taxtmi.com/caselaws?id=23854 The High Court of Madhya Pradesh ruled in favor of the assessee, an individual agent of the Life Insurance Corporation of India, in a case involving the concealment of income and imposition of a penalty under section 271(1)(c) of the Income-tax Act, 1961 for the assessment year 1969-70. The Court held that the rejection of claimed expenses did not automatically indicate intentional concealment, thus finding the assessee not liable for the penalty. The Tribunal's decision to impose the penalty was deemed unjustified, and the parties were directed to bear their own costs. en-us Fri, 18 Aug 1989 00:00:00 +0530 Thu, 14 Jan 2010 17:41:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=23854 The High Court of Madhya Pradesh ruled in favor of the assessee, an individual agent of the Life Insurance Corporation of India, in a case involving the concealment of income and imposition of a penalty under section 271(1)(c) of the Income-tax Act, 1961 for the assessment year 1969-70. The Court held that the rejection of claimed expenses did not automatically indicate intentional concealment, thus finding the assessee not liable for the penalty. The Tribunal's decision to impose the penalty was deemed unjustified, and the parties were directed to bear their own costs. Case-Laws Income Tax Fri, 18 Aug 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=23854