https://www.taxtmi.com/caselaws?id=466524 A concealment penalty under Section 271(1)(c) cannot be sustained where the appellate authority directs income to be determined by applying the Section 44AE presumptive formula, because that alteration removes the factual and legal foundation for the original additions and alleged concealment; consequence: the penalty is set aside as incompatible with the revised basis of assessment. The Tribunal's re-determination of taxable income under the presumptive scheme directly negates the prior disallowances and enhanced receipts relied on to levy the penalty, resulting in relief to the assessee. en-us Fri, 27 Jul 2012 00:00:00 +0530 Wed, 11 Feb 2026 13:22:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=466524 A concealment penalty under Section 271(1)(c) cannot be sustained where the appellate authority directs income to be determined by applying the Section 44AE presumptive formula, because that alteration removes the factual and legal foundation for the original additions and alleged concealment; consequence: the penalty is set aside as incompatible with the revised basis of assessment. The Tribunal's re-determination of taxable income under the presumptive scheme directly negates the prior disallowances and enhanced receipts relied on to levy the penalty, resulting in relief to the assessee. Case-Laws Income Tax Fri, 27 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=466524