https://www.taxtmi.com/caselaws?id=17304 The High Court upheld the penalty imposed on the assessee for non-disclosure of interest income for the assessment year 1967-68 under section 271(1)(c) of the Income-tax Act, 1961. The Court found that the interest was taxable in the year received, as the assessee did not maintain proper accounts and failed to disclose the income intentionally. The Court rejected the argument that the interest was under appeal, emphasizing the assessee's acceptance of the assessment. The penalty was deemed valid, distinguishing a previous Supreme Court decision. en-us Fri, 01 Mar 1996 00:00:00 +0530 Mon, 21 Sep 2009 13:51:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=17304 The High Court upheld the penalty imposed on the assessee for non-disclosure of interest income for the assessment year 1967-68 under section 271(1)(c) of the Income-tax Act, 1961. The Court found that the interest was taxable in the year received, as the assessee did not maintain proper accounts and failed to disclose the income intentionally. The Court rejected the argument that the interest was under appeal, emphasizing the assessee's acceptance of the assessment. The penalty was deemed valid, distinguishing a previous Supreme Court decision. Case-Laws Income Tax Fri, 01 Mar 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=17304