https://www.taxtmi.com/caselaws?id=339629 The Tribunal upheld the validity of penalty proceedings under Section 271(1)(c) of the Income Tax Act, 1961, confirming a penalty of Rs. 3,13,000/- against the assessee for concealing income by furnishing inaccurate particulars. The Tribunal found that the notice issued under Section 274 was adequate, and the AO had shown due application of mind. Despite the assessee's argument of lack of mens rea, the Tribunal held that the conduct demonstrated an intention to evade taxes, emphasizing that wilful concealment is not necessary for civil liability under Section 271(1)(c). en-us Mon, 27 Feb 2017 00:00:00 +0530 Sat, 04 Mar 2017 13:49:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=339629 The Tribunal upheld the validity of penalty proceedings under Section 271(1)(c) of the Income Tax Act, 1961, confirming a penalty of Rs. 3,13,000/- against the assessee for concealing income by furnishing inaccurate particulars. The Tribunal found that the notice issued under Section 274 was adequate, and the AO had shown due application of mind. Despite the assessee's argument of lack of mens rea, the Tribunal held that the conduct demonstrated an intention to evade taxes, emphasizing that wilful concealment is not necessary for civil liability under Section 271(1)(c). Case-Laws Income Tax Mon, 27 Feb 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=339629