https://www.taxtmi.com/caselaws?id=9295 The High Court upheld the addition of Rs. 52,070 to the assessee's income for the assessment year 1961-62, finding that the purchases from 31 weavers were fictitious and represented undisclosed income. The court also upheld the levy of a penalty of Rs. 40,000 under section 271(1)(c) of the Income-tax Act, 1961, for deliberate concealment of income. The court determined that the Tribunal's decision to impose the penalty was justified based on concrete and positive evidence from the assessee's own accounts, supporting the findings of deliberate concealment. en-us Fri, 09 Feb 1973 00:00:00 +0530 Sun, 21 Jun 2009 17:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9295 The High Court upheld the addition of Rs. 52,070 to the assessee's income for the assessment year 1961-62, finding that the purchases from 31 weavers were fictitious and represented undisclosed income. The court also upheld the levy of a penalty of Rs. 40,000 under section 271(1)(c) of the Income-tax Act, 1961, for deliberate concealment of income. The court determined that the Tribunal's decision to impose the penalty was justified based on concrete and positive evidence from the assessee's own accounts, supporting the findings of deliberate concealment. Case-Laws Income Tax Fri, 09 Feb 1973 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9295