https://www.taxtmi.com/caselaws?id=59785 The Tribunal upheld penalties imposed under section 271(1)(c) of the IT Act, 1961 on an assessee-firm for concealment of income. The firm's appeal against penalties imposed by the ITO was partially successful before the AAC, limiting penalties to 100% of concealed incomes. However, the Tribunal ruled in favor of the Revenue, affirming that the firm had concealed income by not initially declaring it and filing revised returns only after incriminating evidence surfaced. Consequently, the penalties were upheld, and the firm's appeals were dismissed. en-us Thu, 26 Apr 1979 00:00:00 +0530 Sat, 01 Jan 2011 11:56:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59785 The Tribunal upheld penalties imposed under section 271(1)(c) of the IT Act, 1961 on an assessee-firm for concealment of income. The firm's appeal against penalties imposed by the ITO was partially successful before the AAC, limiting penalties to 100% of concealed incomes. However, the Tribunal ruled in favor of the Revenue, affirming that the firm had concealed income by not initially declaring it and filing revised returns only after incriminating evidence surfaced. Consequently, the penalties were upheld, and the firm's appeals were dismissed. Case-Laws Income Tax Thu, 26 Apr 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59785