https://www.taxtmi.com/caselaws?id=28709 The High Court of Calcutta overturned a penalty imposed under section 271(1)(c) of the Income-tax Act, 1961, for the assessment year 1962-63. The Court found that the Revenue failed to prove concealment of income by the assessee, aligning with precedents. The Tribunal's decision to cancel the penalty order was upheld, emphasizing that the assessment predated relevant legal amendments. Consequently, the penalty order was set aside in favor of the assessee, with each party bearing their own costs. en-us Tue, 22 Jun 1982 00:00:00 +0530 Thu, 25 Feb 2010 10:39:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28709 The High Court of Calcutta overturned a penalty imposed under section 271(1)(c) of the Income-tax Act, 1961, for the assessment year 1962-63. The Court found that the Revenue failed to prove concealment of income by the assessee, aligning with precedents. The Tribunal's decision to cancel the penalty order was upheld, emphasizing that the assessment predated relevant legal amendments. Consequently, the penalty order was set aside in favor of the assessee, with each party bearing their own costs. Case-Laws Income Tax Tue, 22 Jun 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28709