1980 (3) TMI 59 - HC - Income Tax

Summary

The High Court of Calcutta considered a case involving penalty imposition on an individual for concealing income from a business and capital gains. The Tribunal upheld the inclusion of business income but remanded the decision on capital gains. The Court found the penalty justified for the business income but not for capital gains. The Tribunal was directed to reconsider the penalty on capital gains after the quantum appeal is resolved.