https://www.taxtmi.com/caselaws?id=35766 The court dismissed the petition, ruling in favor of the respondents. It held that the penalty proceedings were valid, rejecting the argument of premature initiation. The court found that the petitioners had concealed income, justifying the imposition of penalties under section 271(1)(c) of the Income Tax Act. The rule was discharged, and each party was ordered to bear their own costs. en-us Fri, 06 Mar 1981 00:00:00 +0530 Tue, 16 Mar 2010 15:31:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=35766 The court dismissed the petition, ruling in favor of the respondents. It held that the penalty proceedings were valid, rejecting the argument of premature initiation. The court found that the petitioners had concealed income, justifying the imposition of penalties under section 271(1)(c) of the Income Tax Act. The rule was discharged, and each party was ordered to bear their own costs. Case-Laws Income Tax Fri, 06 Mar 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=35766