https://www.taxtmi.com/caselaws?id=37254 The High Court held that the Tribunal erred in canceling the penalty under section 271(1)(c) of the Income-tax Act, 1961. The Court found that the assessee's admission of the amount as income was adequate to establish concealment, aligning with legal precedents that no further evidence is necessary once the assessee admits to the income. The judgment favored the revenue, denying the cancellation of the penalty and allowing the revenue to claim costs. en-us Thu, 08 Feb 1979 00:00:00 +0530 Sat, 27 Mar 2010 16:15:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37254 The High Court held that the Tribunal erred in canceling the penalty under section 271(1)(c) of the Income-tax Act, 1961. The Court found that the assessee's admission of the amount as income was adequate to establish concealment, aligning with legal precedents that no further evidence is necessary once the assessee admits to the income. The judgment favored the revenue, denying the cancellation of the penalty and allowing the revenue to claim costs. Case-Laws Income Tax Thu, 08 Feb 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37254