https://www.taxtmi.com/caselaws?id=28117 The High Court upheld the penalty of Rs. 75,000 imposed under section 271(1)(c) of the Income-tax Act, 1961, on a partnership firm for concealing income by omitting profits in the original return. Despite arguments on timing and receipts, the Court found the firm had concealed income. Emphasizing penalties in such cases, the Court rejected contentions on penalty quantum and timing of receipts, citing the firm's accounting method and revised return. The Court upheld the Tribunal's decision, concluding the penalty was justified based on income concealment. en-us Tue, 14 Feb 1984 00:00:00 +0530 Fri, 19 Feb 2010 11:30:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28117 The High Court upheld the penalty of Rs. 75,000 imposed under section 271(1)(c) of the Income-tax Act, 1961, on a partnership firm for concealing income by omitting profits in the original return. Despite arguments on timing and receipts, the Court found the firm had concealed income. Emphasizing penalties in such cases, the Court rejected contentions on penalty quantum and timing of receipts, citing the firm's accounting method and revised return. The Court upheld the Tribunal's decision, concluding the penalty was justified based on income concealment. Case-Laws Income Tax Tue, 14 Feb 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28117