https://www.taxtmi.com/caselaws?id=39264 The High Court clarified that the term "income" in Section 271(1)(c) of the Income-tax Act should be interpreted as the amount of income in respect of which there has been concealment or furnishing of inaccurate particulars, not the total income assessed. The penalty for concealed income should be based on the specific amount involved in the concealment. The Court rejected the Tribunal's interpretation that linked the penalty to the total income assessed, upholding the penalty imposed by the Inspecting Assistant Commissioner. en-us Fri, 09 Apr 1976 00:00:00 +0530 Wed, 14 Apr 2010 12:22:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39264 The High Court clarified that the term "income" in Section 271(1)(c) of the Income-tax Act should be interpreted as the amount of income in respect of which there has been concealment or furnishing of inaccurate particulars, not the total income assessed. The penalty for concealed income should be based on the specific amount involved in the concealment. The Court rejected the Tribunal's interpretation that linked the penalty to the total income assessed, upholding the penalty imposed by the Inspecting Assistant Commissioner. Case-Laws Income Tax Fri, 09 Apr 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39264