https://www.taxtmi.com/caselaws?id=38158 Concealment of income was found to attract penalty under the concealment provision, but that finding alone was insufficient to sustain the quantified penalty. Because neither the Tribunal nor the tax authorities made a clear finding on the precise quantum of concealed income or the tax and super-tax avoided, the penalty could not be finally determined on the existing record. The matter was therefore remitted for fresh determination of the concealed income and the consequential penalty. The principle applied is that concealment must be established together with the specific amount concealed and the tax avoided before a penalty can be validly quantified and upheld. en-us Tue, 14 Feb 1978 00:00:00 +0530 Sat, 03 Apr 2010 14:10:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38158 Concealment of income was found to attract penalty under the concealment provision, but that finding alone was insufficient to sustain the quantified penalty. Because neither the Tribunal nor the tax authorities made a clear finding on the precise quantum of concealed income or the tax and super-tax avoided, the penalty could not be finally determined on the existing record. The matter was therefore remitted for fresh determination of the concealed income and the consequential penalty. The principle applied is that concealment must be established together with the specific amount concealed and the tax avoided before a penalty can be validly quantified and upheld. Case-Laws Income Tax Tue, 14 Feb 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38158