https://www.taxtmi.com/caselaws?id=60857 The tribunal ruled in favor of the revenue, upholding the penalty for concealment of income imposed under section 271(1)(c) of the Income-tax Act. The judgment emphasized that the concealment occurred at the time of filing the original return, and the revised return did not absolve the assessee of this concealment. The penalty was to be recalculated based on the difference in turnover between the two returns, excluding the unexplained investment in sales as a basis for the concealment penalty. en-us Wed, 17 Jul 1991 00:00:00 +0530 Sat, 08 Jan 2011 13:20:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60857 The tribunal ruled in favor of the revenue, upholding the penalty for concealment of income imposed under section 271(1)(c) of the Income-tax Act. The judgment emphasized that the concealment occurred at the time of filing the original return, and the revised return did not absolve the assessee of this concealment. The penalty was to be recalculated based on the difference in turnover between the two returns, excluding the unexplained investment in sales as a basis for the concealment penalty. Case-Laws Income Tax Wed, 17 Jul 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60857