https://www.taxtmi.com/caselaws?id=13363 The court dismissed the appeals, affirming the penalty under section 271(1)(c) of the Income-tax Act, 1961, for concealment of income related to interest under section 244A. The court held that the assessees failed to prove a bona fide belief that the interest was not taxable. It emphasized strict liability in economic offences, dismissing the need for mens rea. The penalty was justified based on the factual findings by the authorities, and no costs were awarded. en-us Mon, 26 Mar 2007 00:00:00 +0530 Fri, 16 Feb 2024 13:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=13363 The court dismissed the appeals, affirming the penalty under section 271(1)(c) of the Income-tax Act, 1961, for concealment of income related to interest under section 244A. The court held that the assessees failed to prove a bona fide belief that the interest was not taxable. It emphasized strict liability in economic offences, dismissing the need for mens rea. The penalty was justified based on the factual findings by the authorities, and no costs were awarded. Case-Laws Income Tax Mon, 26 Mar 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=13363