https://www.taxtmi.com/caselaws?id=26655 The Court ruled in favor of the assessee, emphasizing that the imposition of penalty under section 271(1)(c) of the Income-tax Act for the assessment year 1969-70 should be based on establishing concealment by the assessee. The Tribunal's decision to cancel the penalty was upheld as there was no evidence of conscious concealment, despite the assessee's admission of concealed income. The Court highlighted the importance of assessing each case individually to determine the justification for imposing penalties, ultimately finding in favor of the assessee on all issues referred. en-us Fri, 31 Jan 1986 00:00:00 +0530 Sat, 06 Feb 2010 15:51:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26655 The Court ruled in favor of the assessee, emphasizing that the imposition of penalty under section 271(1)(c) of the Income-tax Act for the assessment year 1969-70 should be based on establishing concealment by the assessee. The Tribunal's decision to cancel the penalty was upheld as there was no evidence of conscious concealment, despite the assessee's admission of concealed income. The Court highlighted the importance of assessing each case individually to determine the justification for imposing penalties, ultimately finding in favor of the assessee on all issues referred. Case-Laws Income Tax Fri, 31 Jan 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26655