https://www.taxtmi.com/caselaws?id=298805 The Tribunal upheld penalties imposed on a partnership firm for concealing income in the assessment years 1982-83 and 1983-84. In the case of 1982-83, penalties were confirmed due to unaccounted sales and inflated expenditure. The Tribunal considered evidence such as bank deposits and employee statements to support the concealment finding. For 1983-84, penalties were upheld as the additional income offered after detection was treated as concealed income under section 271(1)(c) of the Income-tax Act. The appeals filed by the firm for both years were dismissed. en-us Tue, 07 Sep 2010 00:00:00 +0530 Sat, 20 Nov 2021 15:51:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=298805 The Tribunal upheld penalties imposed on a partnership firm for concealing income in the assessment years 1982-83 and 1983-84. In the case of 1982-83, penalties were confirmed due to unaccounted sales and inflated expenditure. The Tribunal considered evidence such as bank deposits and employee statements to support the concealment finding. For 1983-84, penalties were upheld as the additional income offered after detection was treated as concealed income under section 271(1)(c) of the Income-tax Act. The appeals filed by the firm for both years were dismissed. Case-Laws Income Tax Tue, 07 Sep 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=298805