https://www.taxtmi.com/caselaws?id=261552 The High Court upheld the penalty imposed under section 271(1)(c) of the Income Tax Act on the appellant-assessee for concealing income through bogus loans. The appellant's admission during reassessment proceedings led to the penalty of Rs. 5 lakh, initially deleted by the CIT(A) but reinstated by the ITAT. The Court found no error in restoring the penalty, dismissing the appeal as no substantial legal question emerged. en-us Mon, 15 Jul 2013 00:00:00 +0530 Thu, 16 Jul 2015 08:42:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=261552 The High Court upheld the penalty imposed under section 271(1)(c) of the Income Tax Act on the appellant-assessee for concealing income through bogus loans. The appellant's admission during reassessment proceedings led to the penalty of Rs. 5 lakh, initially deleted by the CIT(A) but reinstated by the ITAT. The Court found no error in restoring the penalty, dismissing the appeal as no substantial legal question emerged. Case-Laws Income Tax Mon, 15 Jul 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=261552