1983 (11) TMI 16 - HC - Income Tax

Summary

The High Court of Madhya Pradesh upheld the penalty imposed on an assessee for concealing income in the assessment year 1973-74. The Tribunal found that there was conscious concealment of income by the assessee, justifying the penalty. The Tribunal's findings in the penalty proceedings were independent of the assessment proceedings. The penalty was upheld, and the assessee was directed to bear their own costs.