https://www.taxtmi.com/caselaws?id=27181 The Supreme Court upheld penalties under section 271(1)(c) for concealment of income for the years 1953-54 to 1961-62 based on revised returns disclosing higher income. The court ruled that penalties could be imposed for concealment in original assessments, even if reassessments were based on voluntary disclosures. However, penalties for the years 1964-65 and 1965-66 were overturned as revised returns were filed before any investigation, distinguishing the case from precedent where penalties were justified post-inquiries. Other legal issues were deemed subsidiary, and no costs were awarded. en-us Mon, 17 Jan 1983 00:00:00 +0530 Thu, 11 Feb 2010 12:54:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27181 The Supreme Court upheld penalties under section 271(1)(c) for concealment of income for the years 1953-54 to 1961-62 based on revised returns disclosing higher income. The court ruled that penalties could be imposed for concealment in original assessments, even if reassessments were based on voluntary disclosures. However, penalties for the years 1964-65 and 1965-66 were overturned as revised returns were filed before any investigation, distinguishing the case from precedent where penalties were justified post-inquiries. Other legal issues were deemed subsidiary, and no costs were awarded. Case-Laws Income Tax Mon, 17 Jan 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27181