https://www.taxtmi.com/caselaws?id=57532 The Tribunal reversed the CIT(A)'s decision, reinstating the penalty under section 271(1)(c). It held that the assessee deliberately concealed income by showing a lower stock value in the original return. The revised return, prompted by the survey, did not mitigate the concealment. Therefore, the penalty was deemed justified, and the departmental appeal was allowed. en-us Wed, 12 Feb 1997 00:00:00 +0530 Fri, 10 Dec 2010 16:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=57532 The Tribunal reversed the CIT(A)'s decision, reinstating the penalty under section 271(1)(c). It held that the assessee deliberately concealed income by showing a lower stock value in the original return. The revised return, prompted by the survey, did not mitigate the concealment. Therefore, the penalty was deemed justified, and the departmental appeal was allowed. Case-Laws Income Tax Wed, 12 Feb 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=57532