https://www.taxtmi.com/caselaws?id=24228 The court affirmed the Tribunal's decision to levy a penalty under section 271(1)(c) of the Income-tax Act, finding that the Department had established concealment of income by the assessee. Independent evidence showed that another individual had purchased and won the prize-winning ticket, not the assessee. The Tribunal emphasized the lack of evidence connecting the ticket purchase to the prize-winning event and upheld the penalty, considering the substantial undisclosed funds at the assessee's disposal. The court ruled in favor of the Revenue, entitling them to costs, while noting that only the minimum penalty had been imposed. en-us Thu, 02 Feb 1989 00:00:00 +0530 Mon, 18 Jan 2010 16:29:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24228 The court affirmed the Tribunal's decision to levy a penalty under section 271(1)(c) of the Income-tax Act, finding that the Department had established concealment of income by the assessee. Independent evidence showed that another individual had purchased and won the prize-winning ticket, not the assessee. The Tribunal emphasized the lack of evidence connecting the ticket purchase to the prize-winning event and upheld the penalty, considering the substantial undisclosed funds at the assessee's disposal. The court ruled in favor of the Revenue, entitling them to costs, while noting that only the minimum penalty had been imposed. Case-Laws Income Tax Thu, 02 Feb 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24228