https://www.taxtmi.com/caselaws?id=29080 The High Court upheld the Tribunal's decision to cancel the penalty imposed on the assessee for concealing income under s. 271(1)(c) of the Income Tax Act, 1961. The Court found that the Explanation to the provision did not apply as there was no fraud or gross negligence on the assessee's part. It emphasized that the assessment was based on the assessee's offer to treat the peak credit as income to expedite proceedings, not as an admission of concealment. The Court ruled against the Department, citing lack of evidence and justification for the penalty. en-us Tue, 24 Nov 1981 00:00:00 +0530 Wed, 10 Mar 2010 16:20:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29080 The High Court upheld the Tribunal's decision to cancel the penalty imposed on the assessee for concealing income under s. 271(1)(c) of the Income Tax Act, 1961. The Court found that the Explanation to the provision did not apply as there was no fraud or gross negligence on the assessee's part. It emphasized that the assessment was based on the assessee's offer to treat the peak credit as income to expedite proceedings, not as an admission of concealment. The Court ruled against the Department, citing lack of evidence and justification for the penalty. Case-Laws Income Tax Tue, 24 Nov 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29080