https://www.taxtmi.com/caselaws?id=25821 The court upheld the imposition of a penalty of Rs. 7,97,654 on the assessee for concealing income during the assessment year 1961-62. The initiation of penalty proceedings by the Income-tax Officer was deemed valid, despite challenges raised by the assessee regarding the authority competent to initiate such proceedings. The court found the actions of the authorities to be lawful and dismissed the appeal without costs, allowing the assessee to apply for reduction or waiver of interest on the penalty amount paid in instalments. en-us Wed, 25 Sep 1985 00:00:00 +0530 Mon, 01 Feb 2010 11:16:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25821 The court upheld the imposition of a penalty of Rs. 7,97,654 on the assessee for concealing income during the assessment year 1961-62. The initiation of penalty proceedings by the Income-tax Officer was deemed valid, despite challenges raised by the assessee regarding the authority competent to initiate such proceedings. The court found the actions of the authorities to be lawful and dismissed the appeal without costs, allowing the assessee to apply for reduction or waiver of interest on the penalty amount paid in instalments. Case-Laws Income Tax Wed, 25 Sep 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25821