https://www.taxtmi.com/caselaws?id=13417 HC analyzed penalty proceedings under section 271(1)(c) involving income concealment. The court found the assessee deliberately failed to disclose income in initial tax returns despite being an experienced taxpayer. Despite claiming reliance on a bank's preparation, the court determined the assessee's revisions and explanations were not credible. The HC upheld the penalty, emphasizing the taxpayer's obligation to provide accurate income information initially. en-us Thu, 29 Sep 2005 00:00:00 +0530 Sat, 10 May 2025 13:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=13417 HC analyzed penalty proceedings under section 271(1)(c) involving income concealment. The court found the assessee deliberately failed to disclose income in initial tax returns despite being an experienced taxpayer. Despite claiming reliance on a bank's preparation, the court determined the assessee's revisions and explanations were not credible. The HC upheld the penalty, emphasizing the taxpayer's obligation to provide accurate income information initially. Case-Laws Income Tax Thu, 29 Sep 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=13417