1998 (6) TMI 6 - HC - Income Tax

Summary

The High Court of Madras upheld the levy of penalty on an assessee for concealment of income during the assessment years 1968-69 to 1975-76, despite the partition of the Hindu undivided family in 1974. The court ruled that the penalty was legally justified under section 171(8) of the Income-tax Act, 1961. The Appellate Tribunal's decision in favor of the penalty levy was affirmed, and the Revenue was awarded costs of Rs. 1,000.