https://www.taxtmi.com/caselaws?id=265266 The High Court upheld the penalty imposition under Section 271(1)(c) of the Income Tax Act on the appellant for non-disclosure of additional income of Rs. 40 lakhs. The Court found that the appellant's failure to disclose the income in the original return was not bonafide, as it was only rectified after being confronted during assessment proceedings. The appellant's argument of inadvertence/mistake was deemed insufficient, and the Court concluded that no substantial question of law arose. The appeal was dismissed, and no costs were awarded. en-us Mon, 21 Sep 2015 00:00:00 +0530 Fri, 09 Oct 2015 09:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=265266 The High Court upheld the penalty imposition under Section 271(1)(c) of the Income Tax Act on the appellant for non-disclosure of additional income of Rs. 40 lakhs. The Court found that the appellant's failure to disclose the income in the original return was not bonafide, as it was only rectified after being confronted during assessment proceedings. The appellant's argument of inadvertence/mistake was deemed insufficient, and the Court concluded that no substantial question of law arose. The appeal was dismissed, and no costs were awarded. Case-Laws Income Tax Mon, 21 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=265266