https://www.taxtmi.com/caselaws?id=3386 The High Court affirmed the Tribunal's decision to uphold penalties under section 271(1)(c) of the Income-tax Act for concealing income and providing inaccurate particulars. The Court found the assessee's explanations regarding the cold drink business income not credible and upheld the penalties for the assessment years 1973-74 and 1974-75 to 1976-77. The Court ruled in favor of the Revenue, stating the assessee failed to prove the discrepancies were not due to fraud or neglect. en-us Mon, 30 Oct 2006 00:00:00 +0530 Tue, 29 Jul 2008 11:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=3386 The High Court affirmed the Tribunal's decision to uphold penalties under section 271(1)(c) of the Income-tax Act for concealing income and providing inaccurate particulars. The Court found the assessee's explanations regarding the cold drink business income not credible and upheld the penalties for the assessment years 1973-74 and 1974-75 to 1976-77. The Court ruled in favor of the Revenue, stating the assessee failed to prove the discrepancies were not due to fraud or neglect. Case-Laws Income Tax Mon, 30 Oct 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=3386