https://www.taxtmi.com/caselaws?id=55279 The case involved the confirmation of a penalty under section 271(1)(c) by the CIT (Appeals) against the assessee for failure to disclose income. The ITO initiated penalty proceedings based on undisclosed income, which the CIT (Appeals) upheld, citing conscious concealment. The ITAT considered arguments from both sides, ultimately upholding the penalty for concealment of income but ruling out penalty on the estimated amount for low household expenses. The ITAT emphasized that filing a revised return after detection does not absolve the assessee from penalty liability. The appeal was partially allowed by the ITAT. en-us Fri, 29 Oct 1993 00:00:00 +0530 Thu, 25 Nov 2010 11:16:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55279 The case involved the confirmation of a penalty under section 271(1)(c) by the CIT (Appeals) against the assessee for failure to disclose income. The ITO initiated penalty proceedings based on undisclosed income, which the CIT (Appeals) upheld, citing conscious concealment. The ITAT considered arguments from both sides, ultimately upholding the penalty for concealment of income but ruling out penalty on the estimated amount for low household expenses. The ITAT emphasized that filing a revised return after detection does not absolve the assessee from penalty liability. The appeal was partially allowed by the ITAT. Case-Laws Income Tax Fri, 29 Oct 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55279