https://www.taxtmi.com/caselaws?id=15753 The High Court of Kerala upheld the penalty imposed under section 271(1)(c) of the Income-tax Act for concealment of income during the assessment year 1987-88. The assessee's failure to provide necessary documents and details, along with the discovery of understated stock in a prior search operation, led to the conclusion of income concealment. The penalty of Rs. 1,05,730 was affirmed as the purchases amounting to Rs. 1,61,459 were deemed bogus. The Court ruled in favor of the Revenue, supporting the Assessing Officer's decision. en-us Fri, 09 Oct 1998 00:00:00 +0530 Thu, 27 Aug 2009 14:14:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=15753 The High Court of Kerala upheld the penalty imposed under section 271(1)(c) of the Income-tax Act for concealment of income during the assessment year 1987-88. The assessee's failure to provide necessary documents and details, along with the discovery of understated stock in a prior search operation, led to the conclusion of income concealment. The penalty of Rs. 1,05,730 was affirmed as the purchases amounting to Rs. 1,61,459 were deemed bogus. The Court ruled in favor of the Revenue, supporting the Assessing Officer's decision. Case-Laws Income Tax Fri, 09 Oct 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=15753