https://www.taxtmi.com/caselaws?id=24907 The High Court upheld the Tribunal's decision to impose a penalty of Rs. 30,000 for each year under section 271(1)(c) for assessment years 1970-71 onwards. Despite the absence of specific records, the Court found that the concealment of income was established based on sufficient evidence. The Court also supported the spreading over of a cash balance over five years, confirming the penalty based on the spread over amount of Rs. 80,000 for each year. Ultimately, all issues were decided in favor of the Revenue, emphasizing the importance of substantial evidence in determining penalties for income concealment. en-us Fri, 18 Sep 1987 00:00:00 +0530 Sat, 23 Jan 2010 11:27:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24907 The High Court upheld the Tribunal's decision to impose a penalty of Rs. 30,000 for each year under section 271(1)(c) for assessment years 1970-71 onwards. Despite the absence of specific records, the Court found that the concealment of income was established based on sufficient evidence. The Court also supported the spreading over of a cash balance over five years, confirming the penalty based on the spread over amount of Rs. 80,000 for each year. Ultimately, all issues were decided in favor of the Revenue, emphasizing the importance of substantial evidence in determining penalties for income concealment. Case-Laws Income Tax Fri, 18 Sep 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24907