https://www.taxtmi.com/caselaws?id=58018 The Tribunal concluded that penalties under section 271(1)(c) for the assessment years 1977-78 to 1980-81 were not sustainable as the disallowances were part of a settlement and not concealment of income. Departmental appeals against the CIT(A)'s decision were dismissed, emphasizing the lack of basis for penalties. en-us Mon, 30 Dec 1991 00:00:00 +0530 Wed, 15 Dec 2010 18:25:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58018 The Tribunal concluded that penalties under section 271(1)(c) for the assessment years 1977-78 to 1980-81 were not sustainable as the disallowances were part of a settlement and not concealment of income. Departmental appeals against the CIT(A)'s decision were dismissed, emphasizing the lack of basis for penalties. Case-Laws Income Tax Mon, 30 Dec 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58018