https://www.taxtmi.com/caselaws?id=26174 The High Court upheld the penalty imposition under section 271(1)(c) of the Income-tax Act, 1961, ruling against the assessee who had falsely claimed prize money from a crossword competition. The Court found similarities with a precedent case, emphasizing the significance of accurate income disclosure to prevent penalties. The decision favored the Revenue, highlighting the presumption of concealment or furnishing inaccurate particulars when a substantial disparity exists between returned and assessed income. The reference was resolved without any cost orders. en-us Thu, 03 Oct 1985 00:00:00 +0530 Wed, 03 Feb 2010 12:59:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26174 The High Court upheld the penalty imposition under section 271(1)(c) of the Income-tax Act, 1961, ruling against the assessee who had falsely claimed prize money from a crossword competition. The Court found similarities with a precedent case, emphasizing the significance of accurate income disclosure to prevent penalties. The decision favored the Revenue, highlighting the presumption of concealment or furnishing inaccurate particulars when a substantial disparity exists between returned and assessed income. The reference was resolved without any cost orders. Case-Laws Income Tax Thu, 03 Oct 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26174