https://www.taxtmi.com/caselaws?id=11428 The High Court upheld the Department's appeal regarding the levy of penalty under section 271(1)(c) for the assessment year 1988-89. The Court found that despite a loss, penalty could still be imposed for concealment of income and furnishing inaccurate particulars. The Court clarified that the penalty is linked to the tax sought to be evaded, even if the final assessed income resulted in a reduced loss. Consequently, the Court ruled in favor of the Department, allowing the appeal and upholding the penalty imposition for both issues raised. en-us Thu, 20 Feb 2003 00:00:00 +0530 Sat, 08 Aug 2009 12:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11428 The High Court upheld the Department's appeal regarding the levy of penalty under section 271(1)(c) for the assessment year 1988-89. The Court found that despite a loss, penalty could still be imposed for concealment of income and furnishing inaccurate particulars. The Court clarified that the penalty is linked to the tax sought to be evaded, even if the final assessed income resulted in a reduced loss. Consequently, the Court ruled in favor of the Department, allowing the appeal and upholding the penalty imposition for both issues raised. Case-Laws Income Tax Thu, 20 Feb 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11428