https://www.taxtmi.com/caselaws?id=37085 The court ruled against the assessee, finding that the ITAT exceeded its jurisdiction by recomputing income for penalty calculation purposes in violation of Section 271(1)(c) of the Income Tax Act. While allowing the ITAT to redetermine the penalty amount within prescribed limits, the court emphasized that penalties should be based on the tax avoided if the income as returned had been accepted as correct, not through reassessment in penalty proceedings. The judgment underscores the importance of following proper procedures and limitations in determining penalties for income concealment. en-us Wed, 19 Sep 1979 00:00:00 +0530 Fri, 26 Mar 2010 12:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37085 The court ruled against the assessee, finding that the ITAT exceeded its jurisdiction by recomputing income for penalty calculation purposes in violation of Section 271(1)(c) of the Income Tax Act. While allowing the ITAT to redetermine the penalty amount within prescribed limits, the court emphasized that penalties should be based on the tax avoided if the income as returned had been accepted as correct, not through reassessment in penalty proceedings. The judgment underscores the importance of following proper procedures and limitations in determining penalties for income concealment. Case-Laws Income Tax Wed, 19 Sep 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37085