1978 (8) TMI 13 - HC - Income Tax

Summary

The High Court of Allahabad reduced the penalty imposed on an assessee for concealment of income from Rs. 9,000 to Rs. 1,003 based on findings that only Rs. 4,014 of sales were suppressed, resulting in an income of Rs. 1,003. The Court held that penalty should be imposed based on the actual amount concealed, not the entire additional income. The judgment was in favor of the assessee.