https://www.taxtmi.com/caselaws?id=9477 The High Court upheld the legality of penalty proceedings initiated by the Assessing Officer against the assessee under section 271(1)(c) of the Income-tax Act. The court found that incriminating documents seized during a search operation revealed discrepancies in the assessee's financial dealings, supporting the initiation of penalty proceedings. The court ruled that the Assessing Officer had jurisdiction to initiate penalties upon evidence of inaccurate particulars or income concealment, rejecting claims of technical breaches. The court's decision favored the Revenue, affirming the validity of the penalty notice and proceedings. en-us Mon, 03 Jan 2005 00:00:00 +0530 Tue, 23 Jun 2009 11:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9477 The High Court upheld the legality of penalty proceedings initiated by the Assessing Officer against the assessee under section 271(1)(c) of the Income-tax Act. The court found that incriminating documents seized during a search operation revealed discrepancies in the assessee's financial dealings, supporting the initiation of penalty proceedings. The court ruled that the Assessing Officer had jurisdiction to initiate penalties upon evidence of inaccurate particulars or income concealment, rejecting claims of technical breaches. The court's decision favored the Revenue, affirming the validity of the penalty notice and proceedings. Case-Laws Income Tax Mon, 03 Jan 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9477