https://www.taxtmi.com/caselaws?id=34209 The High Court upheld the Tribunal's decision to impose a penalty on the assessee for concealing income particulars related to capital gains from the sale of property. Despite the assessee's arguments, the Court found that the concealment was deliberate and lacked good faith, supported by the failure to disclose the income in the original return or file a revised return after notice. The Court emphasized the importance of disclosing all primary facts and affirmed the validity of penalty proceedings under the Income Tax Act, ruling in favor of the revenue and affirming the Tribunal's decision. en-us Thu, 09 Jul 2009 00:00:00 +0530 Fri, 08 Oct 2010 11:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=34209 The High Court upheld the Tribunal's decision to impose a penalty on the assessee for concealing income particulars related to capital gains from the sale of property. Despite the assessee's arguments, the Court found that the concealment was deliberate and lacked good faith, supported by the failure to disclose the income in the original return or file a revised return after notice. The Court emphasized the importance of disclosing all primary facts and affirmed the validity of penalty proceedings under the Income Tax Act, ruling in favor of the revenue and affirming the Tribunal's decision. Case-Laws Income Tax Thu, 09 Jul 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=34209