https://www.taxtmi.com/caselaws?id=28557 The High Court held that the Tribunal erred in finding that the assessee concealed income under section 271(1)(c) of the Act. The Court emphasized that the omitted income was disclosed promptly in a revised return, indicating no intention to conceal. The penalty was specifically for non-disclosure from one firm and not for other omissions. Therefore, the Court ruled that the Tribunal's conclusion of concealment was unjustified and confirmed the penalty, ordering no costs for the reference. en-us Sat, 16 Jan 1982 00:00:00 +0530 Tue, 23 Feb 2010 15:57:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28557 The High Court held that the Tribunal erred in finding that the assessee concealed income under section 271(1)(c) of the Act. The Court emphasized that the omitted income was disclosed promptly in a revised return, indicating no intention to conceal. The penalty was specifically for non-disclosure from one firm and not for other omissions. Therefore, the Court ruled that the Tribunal's conclusion of concealment was unjustified and confirmed the penalty, ordering no costs for the reference. Case-Laws Income Tax Sat, 16 Jan 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28557