https://www.taxtmi.com/caselaws?id=25525 The High Court upheld the penalty for concealment imposed on the assessee under section 271(1)(c) of the Income-tax Act. The court found that the assessee's revaluation of shares to claim a revenue loss was a deliberate attempt to reduce income, as the shares were acquired for investment purposes, not trading. The court affirmed that the penalty proceedings were valid and the assessee failed to rebut the presumption of concealment, resulting in the penalty being upheld in favor of the Revenue. en-us Fri, 12 Dec 1986 00:00:00 +0530 Fri, 29 Jan 2010 12:18:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25525 The High Court upheld the penalty for concealment imposed on the assessee under section 271(1)(c) of the Income-tax Act. The court found that the assessee's revaluation of shares to claim a revenue loss was a deliberate attempt to reduce income, as the shares were acquired for investment purposes, not trading. The court affirmed that the penalty proceedings were valid and the assessee failed to rebut the presumption of concealment, resulting in the penalty being upheld in favor of the Revenue. Case-Laws Income Tax Fri, 12 Dec 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25525