https://www.taxtmi.com/caselaws?id=9613 The court upheld the penalty under section 271(1)(c) of the Income-tax Act for concealing income or furnishing inaccurate particulars. It found that the assessee did not act bona fide in filing the revised return and justified the penalty due to the absence of reasons for the upward revision of income. The court referred to relevant legislative provisions and judicial precedents, ultimately ruling in favor of the Revenue on all questions of law. The penalty under section 271(1)(c) was upheld based on a thorough analysis of the facts and applicable laws. en-us Wed, 01 Feb 2006 00:00:00 +0530 Sun, 28 Jun 2009 09:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9613 The court upheld the penalty under section 271(1)(c) of the Income-tax Act for concealing income or furnishing inaccurate particulars. It found that the assessee did not act bona fide in filing the revised return and justified the penalty due to the absence of reasons for the upward revision of income. The court referred to relevant legislative provisions and judicial precedents, ultimately ruling in favor of the Revenue on all questions of law. The penalty under section 271(1)(c) was upheld based on a thorough analysis of the facts and applicable laws. Case-Laws Income Tax Wed, 01 Feb 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9613