https://www.taxtmi.com/caselaws?id=37941 The High Court of Madras considered the cancellation of a penalty under section 271(1)(c) of the Act for concealment of income for the assessment year 1964-65. The Court upheld the Tribunal's decision to cancel the penalty, emphasizing the necessity of independent evidence to establish concealment in penalty proceedings. The Court ruled in favor of the assessee, stating that there was no error of law in the Tribunal's order and awarded costs to the assessee. The judgment underscores the importance of concrete evidence to support allegations of concealment in tax matters. en-us Wed, 08 Mar 1978 00:00:00 +0530 Fri, 02 Apr 2010 12:33:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37941 The High Court of Madras considered the cancellation of a penalty under section 271(1)(c) of the Act for concealment of income for the assessment year 1964-65. The Court upheld the Tribunal's decision to cancel the penalty, emphasizing the necessity of independent evidence to establish concealment in penalty proceedings. The Court ruled in favor of the assessee, stating that there was no error of law in the Tribunal's order and awarded costs to the assessee. The judgment underscores the importance of concrete evidence to support allegations of concealment in tax matters. Case-Laws Income Tax Wed, 08 Mar 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37941