https://www.taxtmi.com/caselaws?id=10646 The court dismissed the appeal as no substantial question of law was found. It clarified that penalty under section 271(1)(c) of the Income-tax Act, 1961, could only be imposed if tax evasion occurred due to inaccurate particulars of income. Since no tax evasion or concealment was established in this case, the appeal was dismissed, emphasizing the significance of accurate financial reporting to avoid penalties under the Income-tax Act, 1961. en-us Mon, 07 Mar 2005 00:00:00 +0530 Tue, 21 Jul 2009 08:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10646 The court dismissed the appeal as no substantial question of law was found. It clarified that penalty under section 271(1)(c) of the Income-tax Act, 1961, could only be imposed if tax evasion occurred due to inaccurate particulars of income. Since no tax evasion or concealment was established in this case, the appeal was dismissed, emphasizing the significance of accurate financial reporting to avoid penalties under the Income-tax Act, 1961. Case-Laws Income Tax Mon, 07 Mar 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10646