https://www.taxtmi.com/caselaws?id=26349 The High Court upheld the jurisdiction of the Inspecting Assistant Commissioner to levy penalty under section 271(1)(c) of the Income-tax Act, 1961. Additionally, the court deemed the penalty levy valid based on the concealment of income by the assessee through a benami business. Despite a reduction in the income addition, the court upheld the penalty levy at Rs. 10,000. The Revenue successfully demonstrated the concealment of income, leading to a ruling in favor of the Revenue on both issues, with each party bearing its own costs in the reference. en-us Mon, 28 Jul 1986 00:00:00 +0530 Thu, 04 Feb 2010 13:15:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26349 The High Court upheld the jurisdiction of the Inspecting Assistant Commissioner to levy penalty under section 271(1)(c) of the Income-tax Act, 1961. Additionally, the court deemed the penalty levy valid based on the concealment of income by the assessee through a benami business. Despite a reduction in the income addition, the court upheld the penalty levy at Rs. 10,000. The Revenue successfully demonstrated the concealment of income, leading to a ruling in favor of the Revenue on both issues, with each party bearing its own costs in the reference. Case-Laws Income Tax Mon, 28 Jul 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26349