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HC upheld penalty under s271(1)(c) for concealment of income where appellant transferred stock-in-trade at inflated market value and withdrew profits without full disclosure. The formation of firm and transaction pattern constituted a tax evasion scheme. Mere filing of capital account with returns was deemed insufficient for true disclosure. Court found appellant's explanation patently false and unsubstantiated as bona fide. Despite Explanation 1 to s147 being inapplicable, Explanation 1 to s271 supported penalty imposition. The minimum prescribed penalty was justified given the deliberate device adopted to evade taxes, and the finality of income addition assessment. Appeal dismissed.
HC upheld penalty under s271(1)(c) for concealment of income where appellant transferred stock-in-trade at inflated market value and withdrew profits without full disclosure. The formation of firm and transaction pattern constituted a tax evasion scheme. Mere filing of capital account with returns was deemed insufficient for true disclosure. Court found appellant's explanation patently false and unsubstantiated as bona fide. Despite Explanation 1 to s147 being inapplicable, Explanation 1 to s271 supported penalty imposition. The minimum prescribed penalty was justified given the deliberate device adopted to evade taxes, and the finality of income addition assessment. Appeal dismissed.
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