https://www.taxtmi.com/caselaws?id=176201 The High Court upheld the Tribunal's decision to impose a penalty under section 271(1)(c) of the Income Tax Act on a Hindu Undivided Family for failing to disclose speculation profit in the total income. The Court found the appellant's oversight in not adding the profit to income constituted a violation of the Act, leading to the penalty imposition. The Court emphasized the statutory provisions permitting penalties for inaccurate income particulars and concluded that no legal issue arose, thereby dismissing the Tax Appeal. en-us Mon, 05 Nov 2012 00:00:00 +0530 Wed, 16 Dec 2015 17:22:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=176201 The High Court upheld the Tribunal's decision to impose a penalty under section 271(1)(c) of the Income Tax Act on a Hindu Undivided Family for failing to disclose speculation profit in the total income. The Court found the appellant's oversight in not adding the profit to income constituted a violation of the Act, leading to the penalty imposition. The Court emphasized the statutory provisions permitting penalties for inaccurate income particulars and concluded that no legal issue arose, thereby dismissing the Tax Appeal. Case-Laws Income Tax Mon, 05 Nov 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=176201