https://www.taxtmi.com/caselaws?id=8825 Whether penalty under s.271(1)(c) applies for commission entries to a sham firm: HC found the debit entries were false, deliberately introduced to divert taxable income, and thus constituted furnishing inaccurate particulars of income; fraud (or equivalent culpable conduct) could properly be inferred. Outcome: s.271(1)(c) liability sustained. Whether mere tax-minimising arrangements shield the assessee from penalty: court held an assessees' right to arrange affairs does not include concealment of true income or presentation of bogus debits; such conduct falls outside lawful tax planning. Outcome: Tribunal's cancellation of penalty reversed in favour of the revenue. en-us Thu, 17 Aug 1972 00:00:00 +0530 Mon, 19 Jan 2026 16:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8825 Whether penalty under s.271(1)(c) applies for commission entries to a sham firm: HC found the debit entries were false, deliberately introduced to divert taxable income, and thus constituted furnishing inaccurate particulars of income; fraud (or equivalent culpable conduct) could properly be inferred. Outcome: s.271(1)(c) liability sustained. Whether mere tax-minimising arrangements shield the assessee from penalty: court held an assessees' right to arrange affairs does not include concealment of true income or presentation of bogus debits; such conduct falls outside lawful tax planning. Outcome: Tribunal's cancellation of penalty reversed in favour of the revenue. Case-Laws Income Tax Thu, 17 Aug 1972 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8825