https://www.taxtmi.com/caselaws?id=24146 The High Court of Calcutta ruled in favor of the Revenue, upholding the penalty imposed under section 271(1)(c) of the Income-tax Act, 1961 on an assessee-firm for concealing income. The Court determined that the firm had indeed concealed particulars of its income based on the partners' actions, despite the firm being a separate entity for tax purposes. The Tribunal's decision in favor of the assessee was overturned, emphasizing that the firm could be bound by the partners' admissions and actions. The Court directed the Tribunal to consider the settlement of the penalty by the assessee-firm before the Settlement Commission in its final decision. en-us Mon, 08 Aug 1988 00:00:00 +0530 Mon, 18 Jan 2010 10:26:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24146 The High Court of Calcutta ruled in favor of the Revenue, upholding the penalty imposed under section 271(1)(c) of the Income-tax Act, 1961 on an assessee-firm for concealing income. The Court determined that the firm had indeed concealed particulars of its income based on the partners' actions, despite the firm being a separate entity for tax purposes. The Tribunal's decision in favor of the assessee was overturned, emphasizing that the firm could be bound by the partners' admissions and actions. The Court directed the Tribunal to consider the settlement of the penalty by the assessee-firm before the Settlement Commission in its final decision. Case-Laws Income Tax Mon, 08 Aug 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24146