https://www.taxtmi.com/caselaws?id=235042 The High Court allowed the Tax Case Appeal, setting aside the Income Tax Appellate Tribunal's decision to cancel the penalty under Section 271(1)(c). The Court found that the assessee had deliberately created false records to claim deductions, diverting funds for investments and suppressing profits. Emphasizing the deliberate fabrication of evidence, the Court held that penalty provisions were applicable. The judgment highlighted the need to consider legal precedents and the deliberate defiance of law in sustaining penalties, ultimately ruling in favor of the Revenue. No costs were awarded in the judgment. en-us Mon, 03 Jun 2013 00:00:00 +0530 Tue, 09 Jul 2013 09:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=235042 The High Court allowed the Tax Case Appeal, setting aside the Income Tax Appellate Tribunal's decision to cancel the penalty under Section 271(1)(c). The Court found that the assessee had deliberately created false records to claim deductions, diverting funds for investments and suppressing profits. Emphasizing the deliberate fabrication of evidence, the Court held that penalty provisions were applicable. The judgment highlighted the need to consider legal precedents and the deliberate defiance of law in sustaining penalties, ultimately ruling in favor of the Revenue. No costs were awarded in the judgment. Case-Laws Income Tax Mon, 03 Jun 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=235042