https://www.taxtmi.com/caselaws?id=35827 For penalty under section 271(1)(c)(iii) of the Income-tax Act, the tax avoided is computed only on income whose concealment could actually have reduced tax if the return had been accepted. Where the assessee had already disclosed its interest in other firms, but the firm profits were not yet ascertainable because accounts were unfinished, that disclosed share income could not be treated as concealed for penalty computation. Only the undisclosed share income from M/s. Anand Yarn & Co., for which no corresponding disclosure was made, could form the basis of penalty. en-us Fri, 13 Nov 1981 00:00:00 +0530 Wed, 17 Mar 2010 10:38:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=35827 For penalty under section 271(1)(c)(iii) of the Income-tax Act, the tax avoided is computed only on income whose concealment could actually have reduced tax if the return had been accepted. Where the assessee had already disclosed its interest in other firms, but the firm profits were not yet ascertainable because accounts were unfinished, that disclosed share income could not be treated as concealed for penalty computation. Only the undisclosed share income from M/s. Anand Yarn & Co., for which no corresponding disclosure was made, could form the basis of penalty. Case-Laws Income Tax Fri, 13 Nov 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=35827