https://www.taxtmi.com/caselaws?id=37043 The High Court found that the assessee had concealed profits from the sale of imported cycle parts, as admitted by the assessee. The Court emphasized that when the assessee admits the income, no further evidence is needed to establish concealment. As the income was not recorded in the books or disclosed in the return, the penalty imposed by the Income-tax Appellate Commissioner was deemed justified. The Court ruled in favor of the department, concluding that the assessee had indeed concealed income, overturning the Tribunal's decision. en-us Tue, 08 Jan 1980 00:00:00 +0530 Fri, 26 Mar 2010 11:15:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37043 The High Court found that the assessee had concealed profits from the sale of imported cycle parts, as admitted by the assessee. The Court emphasized that when the assessee admits the income, no further evidence is needed to establish concealment. As the income was not recorded in the books or disclosed in the return, the penalty imposed by the Income-tax Appellate Commissioner was deemed justified. The Court ruled in favor of the department, concluding that the assessee had indeed concealed income, overturning the Tribunal's decision. Case-Laws Income Tax Tue, 08 Jan 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37043