https://www.taxtmi.com/caselaws?id=61792 The Tribunal upheld penalties under Sections 271(1)(c) and 273(1)(b) of the Income-tax Act, 1961 against a partnership firm in the liquor business for deliberate understatement of income and failure to file advance tax statements. The firm's consistent pattern of filing loss returns, non-production of books, and acceptance of estimated incomes demonstrated an intention to defraud the revenue. The Tribunal found the explanations provided untenable and confirmed the penalties, citing relevant case law to support its decision. en-us Wed, 31 May 1989 00:00:00 +0530 Sat, 15 Jan 2011 10:55:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61792 The Tribunal upheld penalties under Sections 271(1)(c) and 273(1)(b) of the Income-tax Act, 1961 against a partnership firm in the liquor business for deliberate understatement of income and failure to file advance tax statements. The firm's consistent pattern of filing loss returns, non-production of books, and acceptance of estimated incomes demonstrated an intention to defraud the revenue. The Tribunal found the explanations provided untenable and confirmed the penalties, citing relevant case law to support its decision. Case-Laws Income Tax Wed, 31 May 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61792