https://www.taxtmi.com/caselaws?id=58006 The penalties levied under section 271(1)(c) for Assessment Years 1979-80, 1980-81, and 1982-83 were cancelled as the Tribunal found the assessee's explanation to be bona fide and the capitalisation of surrendered income not relevant for determining concealment. The Tribunal held that the main provisions of section 271(1)(c) and Explanation 1 did not apply in this case. Consequently, the appeals were allowed, and the penalties were overturned. en-us Wed, 27 Mar 1991 00:00:00 +0530 Wed, 15 Dec 2010 17:50:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58006 The penalties levied under section 271(1)(c) for Assessment Years 1979-80, 1980-81, and 1982-83 were cancelled as the Tribunal found the assessee's explanation to be bona fide and the capitalisation of surrendered income not relevant for determining concealment. The Tribunal held that the main provisions of section 271(1)(c) and Explanation 1 did not apply in this case. Consequently, the appeals were allowed, and the penalties were overturned. Case-Laws Income Tax Wed, 27 Mar 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58006