https://www.taxtmi.com/caselaws?id=331356 The High Court concluded that the penalties levied under Section 271(1)(c) of the Income Tax Act for the assessment years 1993-1994, 1994-1995, and 1995-1996 were not justified as there was no positive finding of concealment or furnishing inaccurate particulars by the assessee. The Court upheld the Tribunal's decision to set aside the penalties, ruling in favor of the assessee and against the Revenue. The Court emphasized that penalty proceedings require a reasonable standard of proof of guilt and that mere disallowances of expenditure claims do not automatically imply concealment of income. en-us Mon, 20 Jun 2016 00:00:00 +0530 Tue, 31 Jan 2017 18:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=331356 The High Court concluded that the penalties levied under Section 271(1)(c) of the Income Tax Act for the assessment years 1993-1994, 1994-1995, and 1995-1996 were not justified as there was no positive finding of concealment or furnishing inaccurate particulars by the assessee. The Court upheld the Tribunal's decision to set aside the penalties, ruling in favor of the assessee and against the Revenue. The Court emphasized that penalty proceedings require a reasonable standard of proof of guilt and that mere disallowances of expenditure claims do not automatically imply concealment of income. Case-Laws Income Tax Mon, 20 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=331356