https://www.taxtmi.com/caselaws?id=21456 The High Court upheld the penalty imposition under section 271(1)(c) of the Income-tax Act, 1961 in a case where an individual assessee disclosed income in the return but faced a dispute with the Income-tax Officer regarding a specific amount. Despite the Tribunal deleting the penalty, the High Court ruled in favor of the Revenue, emphasizing the significance of accurately disclosing income to avoid penalties. The court highlighted that a presumption of concealment arises if the returned income is less than the assessed income unless proven otherwise, supporting the justification for penalty imposition in this case. en-us Tue, 11 Aug 1992 00:00:00 +0530 Tue, 24 Nov 2009 15:35:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21456 The High Court upheld the penalty imposition under section 271(1)(c) of the Income-tax Act, 1961 in a case where an individual assessee disclosed income in the return but faced a dispute with the Income-tax Officer regarding a specific amount. Despite the Tribunal deleting the penalty, the High Court ruled in favor of the Revenue, emphasizing the significance of accurately disclosing income to avoid penalties. The court highlighted that a presumption of concealment arises if the returned income is less than the assessed income unless proven otherwise, supporting the justification for penalty imposition in this case. Case-Laws Income Tax Tue, 11 Aug 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21456