https://www.taxtmi.com/caselaws?id=20131 The court upheld the penalty imposition under section 271(1)(c) of the Income-tax Act, 1961 for the assessment year 1971-72 against the assessee, involved in selling foreign liquor. The penalty of Rs. 24,137 was levied due to manipulated accounts and false explanations provided by the assessee, which were deemed unconvincing. Despite challenges by the assessee's counsel, the court agreed with lower authorities that the penalty was justified, citing discrepancies in the accounts and unreliable income shown in the returns. The court ruled in favor of the Revenue, affirming the penalty imposition without awarding costs. en-us Wed, 15 Sep 1993 00:00:00 +0530 Wed, 11 Nov 2009 18:32:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20131 The court upheld the penalty imposition under section 271(1)(c) of the Income-tax Act, 1961 for the assessment year 1971-72 against the assessee, involved in selling foreign liquor. The penalty of Rs. 24,137 was levied due to manipulated accounts and false explanations provided by the assessee, which were deemed unconvincing. Despite challenges by the assessee's counsel, the court agreed with lower authorities that the penalty was justified, citing discrepancies in the accounts and unreliable income shown in the returns. The court ruled in favor of the Revenue, affirming the penalty imposition without awarding costs. Case-Laws Income Tax Wed, 15 Sep 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20131