https://www.taxtmi.com/caselaws?id=39515 The penalties under section 271(1)(c) of the Income-tax Act for the assessment years 1963-64, 1964-65, and 1965-66 were upheld by the Tribunal. The penalties were justified based on the concealment of income in the original returns, as the assessee failed to explain the significant differences between the original and revised returns. The Tribunal applied the method of calculating the penalty based on the variance between the tax on the incomes shown in the original returns and the tax on the incomes assessed, in line with the provisions of section 271(1)(c). en-us Wed, 16 Jul 1975 00:00:00 +0530 Fri, 16 Apr 2010 18:35:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39515 The penalties under section 271(1)(c) of the Income-tax Act for the assessment years 1963-64, 1964-65, and 1965-66 were upheld by the Tribunal. The penalties were justified based on the concealment of income in the original returns, as the assessee failed to explain the significant differences between the original and revised returns. The Tribunal applied the method of calculating the penalty based on the variance between the tax on the incomes shown in the original returns and the tax on the incomes assessed, in line with the provisions of section 271(1)(c). Case-Laws Income Tax Wed, 16 Jul 1975 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39515