https://www.taxtmi.com/caselaws?id=218574 The High Court reversed the Tribunal's decision and upheld the penalty imposed under Section 271(1)(c) of the Income Tax Act, finding that the revised return was prompted by evidence collected by the tax authorities, not voluntary. The Court ruled in favor of the Revenue, restoring the penalty order and directing the assessee to pay costs of Rs.20,000. en-us Mon, 05 Nov 2012 00:00:00 +0530 Mon, 19 Nov 2012 18:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=218574 The High Court reversed the Tribunal's decision and upheld the penalty imposed under Section 271(1)(c) of the Income Tax Act, finding that the revised return was prompted by evidence collected by the tax authorities, not voluntary. The Court ruled in favor of the Revenue, restoring the penalty order and directing the assessee to pay costs of Rs.20,000. Case-Laws Income Tax Mon, 05 Nov 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=218574