1980 (10) TMI 102 - AT - Income Tax

Summary

The Department appealed a penalty of Rs. 15,000 for income concealment in the asst. yr. 1974-75. The AAC reduced it to Rs. 3,000. The Tribunal found concealed income to be Rs. 5,000, reducing the penalty to Rs. 5,000. Departmental appeal partly allowed, assessee's cross objection dismissed.