Penalty for concealment can be levied if assessee acted in contumacious manner

HIGH COURT OF ANDHRA PRADESH Commissioner of Income-tax Versus B. Venkatesam ITT Appeal Nos. 13, 14, 41 & 83 of 2000 DECEMBER 1, 2011 JUDGMENT Madan B. Lokur, CJ. In these appeals under section 260A of the Income-tax Act, 1961 (for short “the Act”), which arise out of a common order passed by the Income-tax Appellate Tribunal (hereinafter referred to as “the Tribunal”), Hyderabad, the following substantial question of law has been framed for consideration : “Whether, in the facts and in the circumstances of the case, the Appellate Tribunal i...