https://www.taxtmi.com/caselaws?id=35954 The High Court held that the Tribunal erred in finding no case for penalty under section 271(1)(c) against the assessee, ruling that deliberate concealment occurred. The High Court upheld the penalty levy of Rs. 15,000 by the ITO, rejecting the assessee's revised return defense. The Court did not address issues regarding fraud or gross neglect, emphasizing that the primary concern was the deliberate income omission. The Court deemed the Tribunal's decision to remit the case for further investigation unnecessary. Ultimately, the High Court favored the department, ordering parties to bear their own costs. en-us Wed, 10 Dec 1980 00:00:00 +0530 Thu, 18 Mar 2010 11:42:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=35954 The High Court held that the Tribunal erred in finding no case for penalty under section 271(1)(c) against the assessee, ruling that deliberate concealment occurred. The High Court upheld the penalty levy of Rs. 15,000 by the ITO, rejecting the assessee's revised return defense. The Court did not address issues regarding fraud or gross neglect, emphasizing that the primary concern was the deliberate income omission. The Court deemed the Tribunal's decision to remit the case for further investigation unnecessary. Ultimately, the High Court favored the department, ordering parties to bear their own costs. Case-Laws Income Tax Wed, 10 Dec 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=35954