https://www.taxtmi.com/caselaws?id=10606 The High Court upheld the Tribunal's decision on penalty imposition under section 271(1)(c) of the Income-tax Act, 1961, emphasizing that surrendering income to avoid litigation does not prevent penalty imposition. The court agreed with the Tribunal's findings on deemed concealment of income and lack of bona fide explanation for trading addition. The appeal was dismissed, with the court stating that no substantial question of law arose. Each party was directed to bear their own costs. en-us Thu, 05 May 2005 00:00:00 +0530 Mon, 20 Jul 2009 11:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10606 The High Court upheld the Tribunal's decision on penalty imposition under section 271(1)(c) of the Income-tax Act, 1961, emphasizing that surrendering income to avoid litigation does not prevent penalty imposition. The court agreed with the Tribunal's findings on deemed concealment of income and lack of bona fide explanation for trading addition. The appeal was dismissed, with the court stating that no substantial question of law arose. Each party was directed to bear their own costs. Case-Laws Income Tax Thu, 05 May 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10606