1997 (11) TMI 523 - HC - Income Tax

Summary

The Allahabad High Court upheld the penalty of Rs. 15,000 under section 271(1)(c) of the IT Act, 1961 for concealment of income. The Tribunal found the penalty justified as the unexplained cash credit of Rs. 15,000 represented concealed income of the firm. The Court affirmed the Tribunal's decision, stating that the findings were factual and supported the imposition of the penalty.