https://www.taxtmi.com/caselaws?id=24259 The High Court upheld the Tribunal's decision regarding the concealment of income by a partnership firm. The revised return filed by the firm after discrepancies were pointed out was deemed an admission of concealed income. Additionally, the court found that Explanation 2 to Section 271(1)(c) applied as undisclosed income was credited to partners' accounts in a subsequent year. The court also ruled that the penalty proceedings were not time-barred, as they were initiated when the assessment order was passed. Consequently, the court dismissed the petition filed by the assessee. en-us Fri, 10 Feb 1989 00:00:00 +0530 Mon, 18 Jan 2010 17:46:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24259 The High Court upheld the Tribunal's decision regarding the concealment of income by a partnership firm. The revised return filed by the firm after discrepancies were pointed out was deemed an admission of concealed income. Additionally, the court found that Explanation 2 to Section 271(1)(c) applied as undisclosed income was credited to partners' accounts in a subsequent year. The court also ruled that the penalty proceedings were not time-barred, as they were initiated when the assessment order was passed. Consequently, the court dismissed the petition filed by the assessee. Case-Laws Income Tax Fri, 10 Feb 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24259