https://www.taxtmi.com/caselaws?id=25579 The court affirmed the reopening of assessment under section 147(a) for the assessment year 1948-49, adding Rs. 1,35,000 to the total income due to unaccounted transactions. Regarding the validity of penalty under section 271(1)(c), the court found deliberate concealment of income by the assessee, supporting the Revenue's stance. The court ruled in favor of the Revenue, directing the assessee to pay the costs of the reference. en-us Mon, 19 Jan 1987 00:00:00 +0530 Fri, 29 Jan 2010 15:29:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25579 The court affirmed the reopening of assessment under section 147(a) for the assessment year 1948-49, adding Rs. 1,35,000 to the total income due to unaccounted transactions. Regarding the validity of penalty under section 271(1)(c), the court found deliberate concealment of income by the assessee, supporting the Revenue's stance. The court ruled in favor of the Revenue, directing the assessee to pay the costs of the reference. Case-Laws Income Tax Mon, 19 Jan 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25579