https://www.taxtmi.com/caselaws?id=56502 The Tribunal upheld penalties totaling Rs. 35,000 imposed on the assessee under section 271(1)(c) of the Income-tax Act for concealing income revealed through a search. Despite no variance between declared and assessed income, the Tribunal found the assessee's conduct demonstrated concealment, rejecting the first appellate authority's ruling. The Tribunal extended the application of a beneficial provision to the penalty clause, emphasizing that voluntary disclosures do not absolve concealment. All appeals were dismissed, reinstating the penalties based on the concealment of income by the assessee. en-us Wed, 30 Nov 1994 00:00:00 +0530 Sat, 04 Dec 2010 10:53:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56502 The Tribunal upheld penalties totaling Rs. 35,000 imposed on the assessee under section 271(1)(c) of the Income-tax Act for concealing income revealed through a search. Despite no variance between declared and assessed income, the Tribunal found the assessee's conduct demonstrated concealment, rejecting the first appellate authority's ruling. The Tribunal extended the application of a beneficial provision to the penalty clause, emphasizing that voluntary disclosures do not absolve concealment. All appeals were dismissed, reinstating the penalties based on the concealment of income by the assessee. Case-Laws Income Tax Wed, 30 Nov 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56502