https://www.taxtmi.com/caselaws?id=66353 The Tribunal upheld penalties under Section 271(1)(c) for concealment of income by inflating trade creditors' balances for assessment years 1974-75 and 1975-76. The contention that intangible additions could be set off against the inflated balances was rejected, with the Tribunal finding no connection between the two. Despite the assessee claiming errors by the accountant, the Tribunal deemed the explanations false and upheld the penalties, emphasizing the evident concealment of income. The appeals were dismissed, affirming the penalties for concealment and inaccurate particulars. en-us Tue, 29 Jun 1993 00:00:00 +0530 Fri, 21 Jun 2013 17:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66353 The Tribunal upheld penalties under Section 271(1)(c) for concealment of income by inflating trade creditors' balances for assessment years 1974-75 and 1975-76. The contention that intangible additions could be set off against the inflated balances was rejected, with the Tribunal finding no connection between the two. Despite the assessee claiming errors by the accountant, the Tribunal deemed the explanations false and upheld the penalties, emphasizing the evident concealment of income. The appeals were dismissed, affirming the penalties for concealment and inaccurate particulars. Case-Laws Income Tax Tue, 29 Jun 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66353