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of <h1>Penalty upheld based on co-noticees' statements without corroboration. Conclusion deemed reasonable.</h1> The Bombay HC upheld the penalty on the appellant, finding it justified based on co-noticees' statements without additional corroboration. The court ... Evidence - no independent corroborative material - to impose penalty - Held that: - Assessee not retracted their statement - co-noticee even did not seek cross examination of these persons - independent evidence was required to corroborate their statements - appeal is dismissed The Bombay High Court dismissed the appeal, stating that the penalty on the appellant was justified based on evidence from co-noticees' statements without the need for further corroborative material. The court found no perversity in the conclusion drawn.
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