https://www.taxtmi.com/caselaws?id=61079 Penalty for concealment under section 271(1)(c) was stated to require actual concealment of income, and a protective assessment alone was not enough to establish that element. The interest amount had been brought to tax only on a protective basis, and the record did not show that the assessee had advanced the alleged loan or actually received the interest. On that basis, the concealment allegation could not be sustained and the penalty was cancelled in favour of the assessee. en-us Thu, 01 Dec 1977 00:00:00 +0530 Mon, 10 Jan 2011 17:24:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61079 Penalty for concealment under section 271(1)(c) was stated to require actual concealment of income, and a protective assessment alone was not enough to establish that element. The interest amount had been brought to tax only on a protective basis, and the record did not show that the assessee had advanced the alleged loan or actually received the interest. On that basis, the concealment allegation could not be sustained and the penalty was cancelled in favour of the assessee. Case-Laws Income Tax Thu, 01 Dec 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61079