https://www.taxtmi.com/caselaws?id=38087 The High Court dismissed the petition seeking reference from the Income-tax Appellate Tribunal to draw up a statement of the case regarding penalty imposition under section 271(1)(c) of the Income-tax Act. The Court upheld the Tribunal's decision to impose a penalty equivalent to the concealed income amount, based on the admission in the settlement agreement, as valid evidence of income concealment. The Court found no legal question necessitating its intervention, as the Tribunal's decision was fact-based and not arbitrary. The petition was dismissed without costs. en-us Fri, 04 Jun 1976 00:00:00 +0530 Sat, 03 Apr 2010 11:09:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38087 The High Court dismissed the petition seeking reference from the Income-tax Appellate Tribunal to draw up a statement of the case regarding penalty imposition under section 271(1)(c) of the Income-tax Act. The Court upheld the Tribunal's decision to impose a penalty equivalent to the concealed income amount, based on the admission in the settlement agreement, as valid evidence of income concealment. The Court found no legal question necessitating its intervention, as the Tribunal's decision was fact-based and not arbitrary. The petition was dismissed without costs. Case-Laws Income Tax Fri, 04 Jun 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38087