https://www.taxtmi.com/caselaws?id=239351 The Court held that the Tribunal erred in canceling the penalty imposed under Section 271(1)(c) of the Income Tax Act, 1961. The Court found the penalty justified as the assessee's actions were deliberate and not innocuous omissions. The Court also upheld the denial of waiver under Section 273 due to lack of voluntary disclosure and cooperation with tax authorities. The claim of genuine hardship was rejected as the assessee had sufficient assets to pay the penalties. The Court ruled in favor of the revenue, dismissing the writ petition and upholding the penalty imposed by the Assessing Officer. en-us Mon, 21 Oct 2013 00:00:00 +0530 Tue, 12 Nov 2013 08:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=239351 The Court held that the Tribunal erred in canceling the penalty imposed under Section 271(1)(c) of the Income Tax Act, 1961. The Court found the penalty justified as the assessee's actions were deliberate and not innocuous omissions. The Court also upheld the denial of waiver under Section 273 due to lack of voluntary disclosure and cooperation with tax authorities. The claim of genuine hardship was rejected as the assessee had sufficient assets to pay the penalties. The Court ruled in favor of the revenue, dismissing the writ petition and upholding the penalty imposed by the Assessing Officer. Case-Laws Income Tax Mon, 21 Oct 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=239351