https://www.taxtmi.com/caselaws?id=25183 The High Court partially ruled in favor of the Revenue and partially in favor of the assessee in a case involving penalties for concealment of income under section 271(1)(c) of the Income-tax Act, 1961. The penalty for concealing Rs. 16,000 as cash credit was canceled, while penalties for concealing Rs. 3,369 as capital gain from the sale of land and Rs. 1,010 as annuity deposit refund were reinstated. The Court held that the assessee successfully rebutted the presumption of concealment for the cash credit but failed to do so for the capital gain and annuity deposit refund. en-us Thu, 10 Sep 1987 00:00:00 +0530 Mon, 25 Jan 2010 18:25:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25183 The High Court partially ruled in favor of the Revenue and partially in favor of the assessee in a case involving penalties for concealment of income under section 271(1)(c) of the Income-tax Act, 1961. The penalty for concealing Rs. 16,000 as cash credit was canceled, while penalties for concealing Rs. 3,369 as capital gain from the sale of land and Rs. 1,010 as annuity deposit refund were reinstated. The Court held that the assessee successfully rebutted the presumption of concealment for the cash credit but failed to do so for the capital gain and annuity deposit refund. Case-Laws Income Tax Thu, 10 Sep 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25183