https://www.taxtmi.com/caselaws?id=8586 The court held that the penalty imposed under section 274(2)/271(1)(c) of the Income-tax Act, 1961 was not valid as there was no evidence of conscious concealment or deliberate furnishing of inaccurate particulars by the assessee. The court also ruled that the procedure followed in levying the penalty was in accordance with the law, rejecting the argument that the Inspecting Assistant Commissioner needed to be satisfied during the assessment proceeding. The penalty was deemed unsustainable, and the court answered the question referred in the negative, with no order as to costs. en-us Tue, 21 Sep 1971 00:00:00 +0530 Tue, 05 May 2009 16:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8586 The court held that the penalty imposed under section 274(2)/271(1)(c) of the Income-tax Act, 1961 was not valid as there was no evidence of conscious concealment or deliberate furnishing of inaccurate particulars by the assessee. The court also ruled that the procedure followed in levying the penalty was in accordance with the law, rejecting the argument that the Inspecting Assistant Commissioner needed to be satisfied during the assessment proceeding. The penalty was deemed unsustainable, and the court answered the question referred in the negative, with no order as to costs. Case-Laws Income Tax Tue, 21 Sep 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8586