https://www.taxtmi.com/caselaws?id=24069 The Tribunal upheld the penalty imposed by the Inspecting Assistant Commissioner, stating the assessee was given a proper opportunity of being heard. However, the levy of penalty was deemed unjustified due to lack of evidence proving concealment of income or mens rea on the part of the assessee. The second question was answered in favor of the assessee, emphasizing that penalty cannot be imposed solely based on undisclosed income without proving mens rea. en-us Tue, 21 Mar 1989 00:00:00 +0530 Sat, 16 Jan 2010 14:57:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24069 The Tribunal upheld the penalty imposed by the Inspecting Assistant Commissioner, stating the assessee was given a proper opportunity of being heard. However, the levy of penalty was deemed unjustified due to lack of evidence proving concealment of income or mens rea on the part of the assessee. The second question was answered in favor of the assessee, emphasizing that penalty cannot be imposed solely based on undisclosed income without proving mens rea. Case-Laws Income Tax Tue, 21 Mar 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24069