https://www.taxtmi.com/caselaws?id=256813 The court ruled in favor of the Revenue, setting aside the appellate authorities' decisions and upholding the Assessing Officer's penalty order under section 271(1)(c) of the Income-tax Act. The court emphasized that the initial incorrect declaration of income was not made in good faith, and subsequent attempts to rectify the omission were insufficient to avoid the penalty for concealment of income. The court held that the assessee knowingly furnished inaccurate particulars of income, leading to the confirmation of the penalty. en-us Fri, 17 Jan 2014 00:00:00 +0530 Mon, 23 Feb 2015 04:58:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=256813 The court ruled in favor of the Revenue, setting aside the appellate authorities' decisions and upholding the Assessing Officer's penalty order under section 271(1)(c) of the Income-tax Act. The court emphasized that the initial incorrect declaration of income was not made in good faith, and subsequent attempts to rectify the omission were insufficient to avoid the penalty for concealment of income. The court held that the assessee knowingly furnished inaccurate particulars of income, leading to the confirmation of the penalty. Case-Laws Income Tax Fri, 17 Jan 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=256813