https://www.taxtmi.com/caselaws?id=39795 The High Court ruled in favor of the assessee, stating that the sum paid for goodwill should be excluded from the penalty calculation under section 271(1)(c) of the Income-tax Act, 1961. The court emphasized the deduction of bona fide expenses for determining concealed income, regardless of whether they are capital or revenue expenditure. The Commissioner was directed to bear the costs of the reference, clarifying the treatment of expenses in penalty assessments. en-us Mon, 10 Sep 1973 00:00:00 +0530 Tue, 20 Apr 2010 13:09:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39795 The High Court ruled in favor of the assessee, stating that the sum paid for goodwill should be excluded from the penalty calculation under section 271(1)(c) of the Income-tax Act, 1961. The court emphasized the deduction of bona fide expenses for determining concealed income, regardless of whether they are capital or revenue expenditure. The Commissioner was directed to bear the costs of the reference, clarifying the treatment of expenses in penalty assessments. Case-Laws Income Tax Mon, 10 Sep 1973 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39795