https://www.taxtmi.com/caselaws?id=55185 The Tribunal allowed the revenue's appeal, confirming the penalty for concealment of income. The Tribunal found the assessee's explanations lacking credibility and upheld the penalty under section 271(1)(c) of the IT Act, as the returned income was significantly less than the assessed income. The Tribunal determined that the assessee failed to prove the absence of fraud or willful neglect in the income declaration, leading to the penalty being upheld. en-us Wed, 25 Feb 1987 00:00:00 +0530 Wed, 24 Nov 2010 13:18:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55185 The Tribunal allowed the revenue's appeal, confirming the penalty for concealment of income. The Tribunal found the assessee's explanations lacking credibility and upheld the penalty under section 271(1)(c) of the IT Act, as the returned income was significantly less than the assessed income. The Tribunal determined that the assessee failed to prove the absence of fraud or willful neglect in the income declaration, leading to the penalty being upheld. Case-Laws Income Tax Wed, 25 Feb 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55185