https://www.taxtmi.com/caselaws?id=38924 Deliberate under-estimation of known income can amount to concealment for penalty purposes under the old Income-tax law. The assessee, a bus operator, failed to produce accounts or other material called for, and the authorities found the returned income was not a bona fide estimate but a conscious understatement. A mere difference between returned and assessed income does not by itself defeat penalty where the assessee was in a position to know the real income and still returned a lower figure. Penalty was therefore justified, and the reference was answered against the assessee. en-us Thu, 18 Dec 1975 00:00:00 +0530 Sat, 10 Apr 2010 13:36:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38924 Deliberate under-estimation of known income can amount to concealment for penalty purposes under the old Income-tax law. The assessee, a bus operator, failed to produce accounts or other material called for, and the authorities found the returned income was not a bona fide estimate but a conscious understatement. A mere difference between returned and assessed income does not by itself defeat penalty where the assessee was in a position to know the real income and still returned a lower figure. Penalty was therefore justified, and the reference was answered against the assessee. Case-Laws Income Tax Thu, 18 Dec 1975 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38924