https://www.taxtmi.com/caselaws?id=36623 Penalty under section 271(1)(c) was sustained for income from M/s. Hindusthan Trading Corporation because the Tribunal found, on the assessee's own earlier admission, that the business belonged to the assessee and concealment was established. However, the penalty could not be upheld in full where the capital gains addition had been remanded in the quantum appeal and had not attained finality. The penalty relating to that disputed component therefore required reconsideration after the quantum proceedings were finally decided. The reference was thus answered partly for the Revenue on concealment and partly for the assessee on the non-final penalty component. en-us Mon, 31 Mar 1980 00:00:00 +0530 Tue, 23 Mar 2010 15:06:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36623 Penalty under section 271(1)(c) was sustained for income from M/s. Hindusthan Trading Corporation because the Tribunal found, on the assessee's own earlier admission, that the business belonged to the assessee and concealment was established. However, the penalty could not be upheld in full where the capital gains addition had been remanded in the quantum appeal and had not attained finality. The penalty relating to that disputed component therefore required reconsideration after the quantum proceedings were finally decided. The reference was thus answered partly for the Revenue on concealment and partly for the assessee on the non-final penalty component. Case-Laws Income Tax Mon, 31 Mar 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36623