https://www.taxtmi.com/caselaws?id=23794 The High Court upheld the penalty of Rs. 40,000 imposed on the assessee under section 271(1)(c) of the Income-tax Act, 1961, following the submission of a revised return declaring an income of Rs. 2,25,707 after initial assessment at Rs. 1,41,595. The court found the penalty valid as the revised income was still lower than the assessed income, making the assessee liable for a penalty of 100% on the assessed income. The court dismissed the reference application, stating no question of law required consideration, and affirmed the Tribunal's decision to reduce the penalty based on the admission made during the proceedings. en-us Tue, 04 Jul 1989 00:00:00 +0530 Thu, 14 Jan 2010 13:04:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=23794 The High Court upheld the penalty of Rs. 40,000 imposed on the assessee under section 271(1)(c) of the Income-tax Act, 1961, following the submission of a revised return declaring an income of Rs. 2,25,707 after initial assessment at Rs. 1,41,595. The court found the penalty valid as the revised income was still lower than the assessed income, making the assessee liable for a penalty of 100% on the assessed income. The court dismissed the reference application, stating no question of law required consideration, and affirmed the Tribunal's decision to reduce the penalty based on the admission made during the proceedings. Case-Laws Income Tax Tue, 04 Jul 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=23794