https://www.taxtmi.com/caselaws?id=25745 The High Court ruled in favor of the Revenue, holding that the Tribunal erred in canceling the penalty levied under section 271(1)(c) of the Income-tax Act. The Court found that there was clear concealment of income by the assessees, justifying the penalties imposed by the Inspecting Assistant Commissioner. The Tribunal's decision was deemed flawed as it failed to address the core issue of income concealment. Consequently, the High Court directed the parties to bear their respective costs. en-us Mon, 06 Apr 1987 00:00:00 +0530 Sat, 30 Jan 2010 16:43:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25745 The High Court ruled in favor of the Revenue, holding that the Tribunal erred in canceling the penalty levied under section 271(1)(c) of the Income-tax Act. The Court found that there was clear concealment of income by the assessees, justifying the penalties imposed by the Inspecting Assistant Commissioner. The Tribunal's decision was deemed flawed as it failed to address the core issue of income concealment. Consequently, the High Court directed the parties to bear their respective costs. Case-Laws Income Tax Mon, 06 Apr 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25745