https://www.taxtmi.com/caselaws?id=206657 The High Court concluded that the Tribunal erred in deleting the penalty levied by the Assessing Officer under section 271(1)(c) of the Income-tax Act for the assessment years 1994-95, 1995-96, and 1996-97. The court held that the penalty was rightly imposed as the Assessing Officer had prima facie satisfaction regarding the concealment of income or furnishing of inaccurate particulars. The High Court restored the penalty orders, deciding in favor of the Revenue and against the assessee, with no costs awarded to either party. en-us Fri, 05 Feb 2010 00:00:00 +0530 Mon, 17 Dec 2012 17:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=206657 The High Court concluded that the Tribunal erred in deleting the penalty levied by the Assessing Officer under section 271(1)(c) of the Income-tax Act for the assessment years 1994-95, 1995-96, and 1996-97. The court held that the penalty was rightly imposed as the Assessing Officer had prima facie satisfaction regarding the concealment of income or furnishing of inaccurate particulars. The High Court restored the penalty orders, deciding in favor of the Revenue and against the assessee, with no costs awarded to either party. Case-Laws Income Tax Fri, 05 Feb 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=206657