https://www.taxtmi.com/caselaws?id=28431 The court held that "Shanti Villa" was not a benami purchase by the assessee, leading to the conclusion that no penalty could be levied under section 271(1)(c) for concealment of income. The court emphasized the lack of concrete evidence and unsustainable findings by the Income Tax Officer, ruling in favor of the assessee and awarding costs to them. en-us Mon, 28 Feb 1983 00:00:00 +0530 Mon, 22 Feb 2010 16:23:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28431 The court held that "Shanti Villa" was not a benami purchase by the assessee, leading to the conclusion that no penalty could be levied under section 271(1)(c) for concealment of income. The court emphasized the lack of concrete evidence and unsustainable findings by the Income Tax Officer, ruling in favor of the assessee and awarding costs to them. Case-Laws Income Tax Mon, 28 Feb 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28431