2007 (5) TMI 198 - SC - Income Tax

Assessing authority treated the difference between the income as per original return and revised income as concealed income and levied penalties - omission was attributable on the part of the assessee to conceal his income so as to evade income-tax thereon may not be correct - we do not intend to go into the said question; as there are enough materials to show that the action on the part of the appellant may not be said to be such which would attract the penal provision under section 271(1)(c)