Penalty under section 271(1)(c) upheld for fabricating cash sales to hide income and wrongfully claim section 80-IC

SC dismissed the special leave petition and upheld penalty under section 271(1)(c). HC, AO and the Appellate Authority had found that the assessee furnished inaccurate particulars by fabricating cash sales to cloak unaccounted income and wrongfully claim exemption under section 80-IC; the Tribunal's order deleting the penalty was set aside. The SC declined to interfere with the concurrent factual findings and maintained the penalty levy.

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The Supreme Court dismissed the special leave petition as no good ground was found to interfere with the impugned judgment/order. Delay was condoned and pending applications were disposed of. Justices Sanjiv Khanna and M.M. Sundresh presided over the case.

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