https://www.taxtmi.com/caselaws?id=27537 The High Court upheld the levy of a penalty of Rs. 20,000 under Section 271(1)(c) of the Income-tax Act, 1961, finding that the assessee deliberately concealed income by furnishing inaccurate particulars. The Tribunal's cancellation of the penalty was deemed erroneous as the assessee failed to prove the absence of fraud or neglect in the discrepancies. The Court rejected the application of CIT v. Ramdas Pharmacy and ruled in favor of the Revenue, allowing the Department to recover costs from the assessee. en-us Mon, 28 Nov 1983 00:00:00 +0530 Sat, 13 Feb 2010 14:03:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27537 The High Court upheld the levy of a penalty of Rs. 20,000 under Section 271(1)(c) of the Income-tax Act, 1961, finding that the assessee deliberately concealed income by furnishing inaccurate particulars. The Tribunal's cancellation of the penalty was deemed erroneous as the assessee failed to prove the absence of fraud or neglect in the discrepancies. The Court rejected the application of CIT v. Ramdas Pharmacy and ruled in favor of the Revenue, allowing the Department to recover costs from the assessee. Case-Laws Income Tax Mon, 28 Nov 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27537