https://www.taxtmi.com/caselaws?id=24798 The High Court of Madhya Pradesh ruled in favor of the assessee in a case involving a penalty for concealing income under section 271(1)(c) of the Income-tax Act, 1961. The court emphasized that deliberate concealment of income must be established before imposing a penalty. The Tribunal's decision to hold the assessee liable was based on an excessive claim, not deliberate false claims. Therefore, the High Court found the penalty unjustified and ruled in favor of the assessee, directing each party to bear their own costs. en-us Fri, 01 Jul 1988 00:00:00 +0530 Fri, 22 Jan 2010 14:02:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24798 The High Court of Madhya Pradesh ruled in favor of the assessee in a case involving a penalty for concealing income under section 271(1)(c) of the Income-tax Act, 1961. The court emphasized that deliberate concealment of income must be established before imposing a penalty. The Tribunal's decision to hold the assessee liable was based on an excessive claim, not deliberate false claims. Therefore, the High Court found the penalty unjustified and ruled in favor of the assessee, directing each party to bear their own costs. Case-Laws Income Tax Fri, 01 Jul 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24798