https://www.taxtmi.com/caselaws?id=37061 The court upheld the penalty imposed on the assessee for concealing income, despite filing a revised return, under section 271(1)(c) of the Income Tax Act. The concealment was found to be deliberate, and the revised return did not absolve the assessee from the penalty. The court also affirmed the Tribunal's decision to restrict the penalty to 100% of the tax sought to be avoided, emphasizing that the penalty amount falls within the Tribunal's discretion. The judgment favored the revenue and ruled against the assessee on all issues. en-us Wed, 04 Jul 1979 00:00:00 +0530 Fri, 26 Mar 2010 11:55:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37061 The court upheld the penalty imposed on the assessee for concealing income, despite filing a revised return, under section 271(1)(c) of the Income Tax Act. The concealment was found to be deliberate, and the revised return did not absolve the assessee from the penalty. The court also affirmed the Tribunal's decision to restrict the penalty to 100% of the tax sought to be avoided, emphasizing that the penalty amount falls within the Tribunal's discretion. The judgment favored the revenue and ruled against the assessee on all issues. Case-Laws Income Tax Wed, 04 Jul 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37061