https://www.taxtmi.com/caselaws?id=61247 The Tribunal upheld the IAC's jurisdiction to levy the concealment penalty, citing precedents and the timing of penalty proceedings. On the merits, the Tribunal found evidence supporting the penalty imposition, emphasizing the need for the assessee to justify discrepancies. In terms of computation, the Tribunal directed a recalculation based on the law at the time of the act, allowing for a reduced penalty amount. The assessee's appeal was partially granted for statistical purposes. en-us Mon, 09 May 1983 00:00:00 +0530 Tue, 11 Jan 2011 14:33:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61247 The Tribunal upheld the IAC's jurisdiction to levy the concealment penalty, citing precedents and the timing of penalty proceedings. On the merits, the Tribunal found evidence supporting the penalty imposition, emphasizing the need for the assessee to justify discrepancies. In terms of computation, the Tribunal directed a recalculation based on the law at the time of the act, allowing for a reduced penalty amount. The assessee's appeal was partially granted for statistical purposes. Case-Laws Income Tax Mon, 09 May 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61247