https://www.taxtmi.com/caselaws?id=25439 A knowingly false deduction claim for interest on a credit balance, where the alleged liability was found not to exist and no interest was payable, can amount to concealment of income or furnishing inaccurate particulars. The Tribunal relied on material showing that there was no even oral stipulation for interest and that the assessee claimed the deduction despite knowledge of the absence of liability; that factual finding supported penalty under the penal provision then applicable. The court answered the issue in the affirmative against the assessee and upheld the penalty. en-us Thu, 12 Mar 1987 00:00:00 +0530 Thu, 28 Jan 2010 15:57:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25439 A knowingly false deduction claim for interest on a credit balance, where the alleged liability was found not to exist and no interest was payable, can amount to concealment of income or furnishing inaccurate particulars. The Tribunal relied on material showing that there was no even oral stipulation for interest and that the assessee claimed the deduction despite knowledge of the absence of liability; that factual finding supported penalty under the penal provision then applicable. The court answered the issue in the affirmative against the assessee and upheld the penalty. Case-Laws Income Tax Thu, 12 Mar 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25439