https://www.taxtmi.com/caselaws?id=36708 The court upheld the decision of the Appellate Tribunal to reduce penalties imposed on partners of a firm for alleged concealment of income under section 271(1)(iii) of the Income Tax Act, 1961. The court found that the Tribunal appropriately considered mitigating circumstances, such as income transfer, in reducing the penalties from 50% to 30% of the tax that would have been avoided. It emphasized the need to assess penalties based on the specific facts of each case, ruling in favor of the assessee. en-us Mon, 03 Mar 1980 00:00:00 +0530 Wed, 24 Mar 2010 11:03:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36708 The court upheld the decision of the Appellate Tribunal to reduce penalties imposed on partners of a firm for alleged concealment of income under section 271(1)(iii) of the Income Tax Act, 1961. The court found that the Tribunal appropriately considered mitigating circumstances, such as income transfer, in reducing the penalties from 50% to 30% of the tax that would have been avoided. It emphasized the need to assess penalties based on the specific facts of each case, ruling in favor of the assessee. Case-Laws Income Tax Mon, 03 Mar 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36708