https://www.taxtmi.com/caselaws?id=36656 The court ruled in favor of the assessee, a private limited company facing penalty under section 271(1)(c) of the Income Tax Act for concealing income related to hundi loans in the assessment years 1962-63 and 1963-64. The Income-tax Appellate Tribunal found the penalties unjustified in both years based on the genuineness of loans in different categories, aligning with established legal principles requiring substantial evidence of deliberate income concealment. The court upheld the Tribunal's decision, emphasizing the importance of evidence and adherence to legal precedents in penalty proceedings, ultimately deleting the penalties and awarding costs to the assessee. en-us Fri, 02 Nov 1979 00:00:00 +0530 Tue, 23 Mar 2010 17:08:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36656 The court ruled in favor of the assessee, a private limited company facing penalty under section 271(1)(c) of the Income Tax Act for concealing income related to hundi loans in the assessment years 1962-63 and 1963-64. The Income-tax Appellate Tribunal found the penalties unjustified in both years based on the genuineness of loans in different categories, aligning with established legal principles requiring substantial evidence of deliberate income concealment. The court upheld the Tribunal's decision, emphasizing the importance of evidence and adherence to legal precedents in penalty proceedings, ultimately deleting the penalties and awarding costs to the assessee. Case-Laws Income Tax Fri, 02 Nov 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36656