https://www.taxtmi.com/caselaws?id=268810 The High Court upheld the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961 on the appellant for surrendering an amount of Rs. 14 lacs to cover discrepancies in the books of account. Despite various appeals, the Tribunal partially allowed the appeal but upheld the penalty on the cash deposits. The Court agreed with the Tribunal's decision, emphasizing the lack of credibility in the appellant's explanations and the importance of full disclosure of income to avoid penalties. The Court dismissed the appeals, reaffirming the imposition of penalty based on the surrender of amount and discrepancies in the books of account. en-us Thu, 05 Nov 2015 00:00:00 +0530 Wed, 02 Dec 2015 02:15:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=268810 The High Court upheld the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961 on the appellant for surrendering an amount of Rs. 14 lacs to cover discrepancies in the books of account. Despite various appeals, the Tribunal partially allowed the appeal but upheld the penalty on the cash deposits. The Court agreed with the Tribunal's decision, emphasizing the lack of credibility in the appellant's explanations and the importance of full disclosure of income to avoid penalties. The Court dismissed the appeals, reaffirming the imposition of penalty based on the surrender of amount and discrepancies in the books of account. Case-Laws Income Tax Thu, 05 Nov 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=268810