https://www.taxtmi.com/caselaws?id=239553 The High Court allowed the appeal filed by the revenue, upholding the penalty under Section 271(1)(c) of the Income Tax Act. The court found that the assessee knowingly participated in a bogus lease transaction, was aware of the non-existence of assets, and furnished inaccurate particulars of income. The court emphasized the importance of verifying leased assets and concluded that the assessee's conduct indicated awareness of the fraudulent nature of the transaction. The appeal was allowed with no order as to costs. en-us Wed, 11 Sep 2013 00:00:00 +0530 Fri, 06 Jun 2014 12:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=239553 The High Court allowed the appeal filed by the revenue, upholding the penalty under Section 271(1)(c) of the Income Tax Act. The court found that the assessee knowingly participated in a bogus lease transaction, was aware of the non-existence of assets, and furnished inaccurate particulars of income. The court emphasized the importance of verifying leased assets and concluded that the assessee's conduct indicated awareness of the fraudulent nature of the transaction. The appeal was allowed with no order as to costs. Case-Laws Income Tax Wed, 11 Sep 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=239553