https://www.taxtmi.com/caselaws?id=26045 The High Court upheld the Income-tax Officer's decision to disallow the introduction of the entire tax and penalty liabilities of the partners in a settlement with the Income-tax Department. The Court ruled that the settlement terms allowed the introduction of only 50% of the disclosed amount or an equivalent sum to the tax and penalty liabilities, rejecting the assessee's argument for the inclusion of the total liabilities. The Court sided with the Revenue, affirming the addition of income from other sources and denying the appeal for further review by the Supreme Court. en-us Thu, 27 Feb 1986 00:00:00 +0530 Tue, 02 Feb 2010 14:01:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26045 The High Court upheld the Income-tax Officer's decision to disallow the introduction of the entire tax and penalty liabilities of the partners in a settlement with the Income-tax Department. The Court ruled that the settlement terms allowed the introduction of only 50% of the disclosed amount or an equivalent sum to the tax and penalty liabilities, rejecting the assessee's argument for the inclusion of the total liabilities. The Court sided with the Revenue, affirming the addition of income from other sources and denying the appeal for further review by the Supreme Court. Case-Laws Income Tax Thu, 27 Feb 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26045