https://www.taxtmi.com/caselaws?id=24770 The court upheld the legality of penalties under Section 271(1)(c) for specified assessment years based on concealed income revealed in reassessments. It determined that the 1961 Act applied for penalty purposes, including the Explanation to Section 271(1)(c) inserted post-April 1, 1962. The court found the Income-tax Officer's satisfaction regarding income concealment valid and justified the Income-tax Appellate Tribunal's imposition of minimum penalties due to the assessee's voluntary admission. All references were decided in favor of the Revenue, with no costs awarded. en-us Fri, 29 Apr 1988 00:00:00 +0530 Fri, 22 Jan 2010 12:17:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24770 The court upheld the legality of penalties under Section 271(1)(c) for specified assessment years based on concealed income revealed in reassessments. It determined that the 1961 Act applied for penalty purposes, including the Explanation to Section 271(1)(c) inserted post-April 1, 1962. The court found the Income-tax Officer's satisfaction regarding income concealment valid and justified the Income-tax Appellate Tribunal's imposition of minimum penalties due to the assessee's voluntary admission. All references were decided in favor of the Revenue, with no costs awarded. Case-Laws Income Tax Fri, 29 Apr 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24770