https://www.taxtmi.com/caselaws?id=353867 The High Court held that the Income-tax Appellate Tribunal's decision to delete penalties on certain additions while sustaining penalties on others was legally incorrect. The Court emphasized that the availability of details in the material filed does not absolve the assessee from penalties for concealing income or furnishing inaccurate particulars. Consequently, the High Court set aside the Tribunal's orders and reinstated the Assessing Officer's order, ruling in favor of the Revenue and against the assessee regarding the legality of penalties under section 271(1)(c) of the Income-tax Act for the assessment year 1992-93. en-us Fri, 06 Oct 2017 00:00:00 +0530 Sat, 13 Jan 2018 08:53:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=353867 The High Court held that the Income-tax Appellate Tribunal's decision to delete penalties on certain additions while sustaining penalties on others was legally incorrect. The Court emphasized that the availability of details in the material filed does not absolve the assessee from penalties for concealing income or furnishing inaccurate particulars. Consequently, the High Court set aside the Tribunal's orders and reinstated the Assessing Officer's order, ruling in favor of the Revenue and against the assessee regarding the legality of penalties under section 271(1)(c) of the Income-tax Act for the assessment year 1992-93. Case-Laws Income Tax Fri, 06 Oct 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=353867