https://www.taxtmi.com/caselaws?id=13598 The HC reversed the Tribunal's decision and reinstated the penalty imposed by the Assessing Officer under section 271(1)(c) for concealment of income. The court found that the Assessee's false claims regarding depreciation, extra shift allowance, and investment allowance, supported by a factory manager's certificate, constituted concealment. The HC emphasized that reliance on such certificates without due diligence does not absolve the Assessee from penalty liability. The decision underscores the necessity for accurate tax declarations and the strict enforcement of tax laws to penalize false claims. en-us Wed, 18 Apr 2007 00:00:00 +0530 Thu, 25 Jan 2024 13:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=13598 The HC reversed the Tribunal's decision and reinstated the penalty imposed by the Assessing Officer under section 271(1)(c) for concealment of income. The court found that the Assessee's false claims regarding depreciation, extra shift allowance, and investment allowance, supported by a factory manager's certificate, constituted concealment. The HC emphasized that reliance on such certificates without due diligence does not absolve the Assessee from penalty liability. The decision underscores the necessity for accurate tax declarations and the strict enforcement of tax laws to penalize false claims. Case-Laws Income Tax Wed, 18 Apr 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=13598