https://www.taxtmi.com/caselaws?id=176153 HC held penalty under s.271(1)(c) justified for the assessment year 1971-72, finding the assessee concealed or furnished inaccurate particulars of income through bogus purchases, omission/manipulation of sales and stock entries, and unexplained discrepancies. Tribunal's affirmation of penalty and direction for demand notice by the ITO were upheld; the Inspecting Assistant Commissioner's order was treated as imposing penalty with the ITO to issue the notice. Section 292B ensures defects in form do not invalidate proceedings. All referred questions resolved against the assessee and in favor of the Revenue; reference disposed without costs. en-us Sat, 29 Aug 1998 00:00:00 +0530 Fri, 10 Oct 2025 13:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=176153 HC held penalty under s.271(1)(c) justified for the assessment year 1971-72, finding the assessee concealed or furnished inaccurate particulars of income through bogus purchases, omission/manipulation of sales and stock entries, and unexplained discrepancies. Tribunal's affirmation of penalty and direction for demand notice by the ITO were upheld; the Inspecting Assistant Commissioner's order was treated as imposing penalty with the ITO to issue the notice. Section 292B ensures defects in form do not invalidate proceedings. All referred questions resolved against the assessee and in favor of the Revenue; reference disposed without costs. Case-Laws Income Tax Sat, 29 Aug 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=176153