https://www.taxtmi.com/caselaws?id=55180 The Tribunal ruled in favor of the assessee, a partnership firm in the real estate business, in a case concerning the levy of penalties under section 271(1)(c) of the Income Tax Act for alleged concealment of interest income. The Tribunal found that there was no conscious concealment of income, accepting the assessee's explanation that the interest income was not disclosed due to ongoing legal proceedings with the debtor. Consequently, the penalties for both assessment years were deleted, and the orders confirming the penalties were overturned. en-us Tue, 21 Oct 1986 00:00:00 +0530 Wed, 24 Nov 2010 13:01:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55180 The Tribunal ruled in favor of the assessee, a partnership firm in the real estate business, in a case concerning the levy of penalties under section 271(1)(c) of the Income Tax Act for alleged concealment of interest income. The Tribunal found that there was no conscious concealment of income, accepting the assessee's explanation that the interest income was not disclosed due to ongoing legal proceedings with the debtor. Consequently, the penalties for both assessment years were deleted, and the orders confirming the penalties were overturned. Case-Laws Income Tax Tue, 21 Oct 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55180