https://www.taxtmi.com/caselaws?id=38482 The High Court upheld the penalty imposed under section 271(1)(c) of the Income-tax Act, 1961 on the assessee for the assessment year 1959-60, as the assessee's agreement to the addition of income was deemed an admission of concealment. Additionally, the validity of section 297(2) was affirmed as intra vires of the legislature's powers. The Tribunal's decision to not consider an additional question regarding concealed income evidence was upheld. The outcome favored the revenue, with costs awarded to the Commissioner. en-us Fri, 17 Dec 1976 00:00:00 +0530 Mon, 01 Aug 2016 10:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38482 The High Court upheld the penalty imposed under section 271(1)(c) of the Income-tax Act, 1961 on the assessee for the assessment year 1959-60, as the assessee's agreement to the addition of income was deemed an admission of concealment. Additionally, the validity of section 297(2) was affirmed as intra vires of the legislature's powers. The Tribunal's decision to not consider an additional question regarding concealed income evidence was upheld. The outcome favored the revenue, with costs awarded to the Commissioner. Case-Laws Income Tax Fri, 17 Dec 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38482