https://www.taxtmi.com/caselaws?id=16757 The High Court upheld the levy of penalty under section 271(1)(c) of the Income-tax Act on the sale consideration of a land transaction. The court found that the assessee had concealed the true income particulars, leading to the imposition of the penalty. Additionally, the court confirmed that the actual sale consideration was higher than declared, with the company being held vicariously liable for the managing director's receipt of extra income. The concealment of real consideration for the land sale was established, justifying the penalty for income concealment. en-us Tue, 25 Feb 1997 00:00:00 +0530 Sat, 12 Sep 2009 11:20:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16757 The High Court upheld the levy of penalty under section 271(1)(c) of the Income-tax Act on the sale consideration of a land transaction. The court found that the assessee had concealed the true income particulars, leading to the imposition of the penalty. Additionally, the court confirmed that the actual sale consideration was higher than declared, with the company being held vicariously liable for the managing director's receipt of extra income. The concealment of real consideration for the land sale was established, justifying the penalty for income concealment. Case-Laws Income Tax Tue, 25 Feb 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16757