https://www.taxtmi.com/caselaws?id=57093 The Appellate Tribunal upheld a penalty of Rs. 16,500 under section 271(1)(c) of the IT Act, 1961 for the assessment year 1971-72, based on the concealed income of Rs. 16,500 by the assessee. However, the penalty for unexplained investments of Rs. 7,700 was not imposed due to lack of concrete evidence. The total penalty imposed was Rs. 16,500, and the appeal was partly allowed. en-us Mon, 25 Jul 1977 00:00:00 +0530 Wed, 08 Dec 2010 14:31:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=57093 The Appellate Tribunal upheld a penalty of Rs. 16,500 under section 271(1)(c) of the IT Act, 1961 for the assessment year 1971-72, based on the concealed income of Rs. 16,500 by the assessee. However, the penalty for unexplained investments of Rs. 7,700 was not imposed due to lack of concrete evidence. The total penalty imposed was Rs. 16,500, and the appeal was partly allowed. Case-Laws Income Tax Mon, 25 Jul 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=57093