https://www.taxtmi.com/caselaws?id=29632 The case involved an assessment of undisclosed income from a firm engaged in money-lending and sarafa business based on diary entries. The Income Tax Officer initially assessed the undisclosed income at Rs. 45,000, later revised to Rs. 16,000 during reassessment proceedings. The firm appealed, leading to a penalty imposition of Rs. 31,000, later reduced to Rs. 8,000 on appeal. The High Court held that the penalty was not justified as there was no evidence of deliberate concealment of income, ruling in favor of the firm and concluding that the penalty was not exigible. en-us Wed, 01 Oct 1980 00:00:00 +0530 Mon, 15 Mar 2010 12:15:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29632 The case involved an assessment of undisclosed income from a firm engaged in money-lending and sarafa business based on diary entries. The Income Tax Officer initially assessed the undisclosed income at Rs. 45,000, later revised to Rs. 16,000 during reassessment proceedings. The firm appealed, leading to a penalty imposition of Rs. 31,000, later reduced to Rs. 8,000 on appeal. The High Court held that the penalty was not justified as there was no evidence of deliberate concealment of income, ruling in favor of the firm and concluding that the penalty was not exigible. Case-Laws Income Tax Wed, 01 Oct 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29632