https://www.taxtmi.com/caselaws?id=25361 The High Court of Bombay considered whether an assessee's letter amounted to an admission of concealment of income. The Tribunal ruled in favor of the assessee, stating the letter did not imply acceptance of concealed income. Relying on precedents, the Tribunal quashed the penalty order. The Revenue argued the letter implied concealment, but the Court upheld the Tribunal's decision, finding the Revenue's submission too technical. The penalty order was quashed, ruling against the Revenue with no costs awarded. en-us Tue, 20 Jan 1987 00:00:00 +0530 Thu, 28 Jan 2010 11:25:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25361 The High Court of Bombay considered whether an assessee's letter amounted to an admission of concealment of income. The Tribunal ruled in favor of the assessee, stating the letter did not imply acceptance of concealed income. Relying on precedents, the Tribunal quashed the penalty order. The Revenue argued the letter implied concealment, but the Court upheld the Tribunal's decision, finding the Revenue's submission too technical. The penalty order was quashed, ruling against the Revenue with no costs awarded. Case-Laws Income Tax Tue, 20 Jan 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25361