https://www.taxtmi.com/caselaws?id=14688 The High Court dismissed the appeal against the penalty imposed under section 271(1)(c) of the Income-tax Act, 1961. The penalty was initially imposed following an addition made by the assessing authority after a search at the assessee's premises. The Commissioner of Income-tax (Appeals) and the Income-tax Appellate Tribunal had both deleted the penalty, emphasizing that despite discrepancies in the accounting method, the income was duly disclosed. The High Court concurred, ruling that the penalty was unjustified as there was no deliberate income suppression, thereby upholding the decisions of the lower authorities and dismissing the appeal. en-us Wed, 26 Jul 2000 00:00:00 +0530 Sat, 18 Jul 2009 10:54:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=14688 The High Court dismissed the appeal against the penalty imposed under section 271(1)(c) of the Income-tax Act, 1961. The penalty was initially imposed following an addition made by the assessing authority after a search at the assessee's premises. The Commissioner of Income-tax (Appeals) and the Income-tax Appellate Tribunal had both deleted the penalty, emphasizing that despite discrepancies in the accounting method, the income was duly disclosed. The High Court concurred, ruling that the penalty was unjustified as there was no deliberate income suppression, thereby upholding the decisions of the lower authorities and dismissing the appeal. Case-Laws Income Tax Wed, 26 Jul 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=14688