https://www.taxtmi.com/caselaws?id=70395 The Tribunal upheld penalties imposed on the assessee under section 271(1)(c) of the Income-tax Act for concealing income from business and other sources. Despite the assessee's argument that reliance on unreliable books justified assessment based on estimates, the Tribunal found the use of falsified books indicated concealment. The Tribunal also rejected the assessee's plea of vicarious liability due to age and health, emphasizing the taxpayer's responsibility for accurate information in returns. Consequently, the penalties for concealing income were affirmed, and the appeals were dismissed. en-us Wed, 03 Jan 1990 00:00:00 +0530 Fri, 15 Apr 2011 18:49:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70395 The Tribunal upheld penalties imposed on the assessee under section 271(1)(c) of the Income-tax Act for concealing income from business and other sources. Despite the assessee's argument that reliance on unreliable books justified assessment based on estimates, the Tribunal found the use of falsified books indicated concealment. The Tribunal also rejected the assessee's plea of vicarious liability due to age and health, emphasizing the taxpayer's responsibility for accurate information in returns. Consequently, the penalties for concealing income were affirmed, and the appeals were dismissed. Case-Laws Income Tax Wed, 03 Jan 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70395