https://www.taxtmi.com/caselaws?id=28860 The High Court of Punjab and Haryana ruled in favor of the assessee-firm, overturning the penalty imposed under section 41(1) of the Income-tax Act, 1961 for alleged income concealment. The court found the penalty order unsustainable as there was no evidence of wilful concealment and the income in question was credited to individual partners' accounts from a previous firm. The Tribunal deleted the penalty, answering questions 1 and 3 in favor of the assessee, while question 2 remained unanswered. No costs were awarded in this case. en-us Tue, 17 Aug 1982 00:00:00 +0530 Mon, 08 Mar 2010 12:04:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28860 The High Court of Punjab and Haryana ruled in favor of the assessee-firm, overturning the penalty imposed under section 41(1) of the Income-tax Act, 1961 for alleged income concealment. The court found the penalty order unsustainable as there was no evidence of wilful concealment and the income in question was credited to individual partners' accounts from a previous firm. The Tribunal deleted the penalty, answering questions 1 and 3 in favor of the assessee, while question 2 remained unanswered. No costs were awarded in this case. Case-Laws Income Tax Tue, 17 Aug 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28860