https://www.taxtmi.com/caselaws?id=28503 The court upheld penalties of Rs. 20,000 for the assessment year 1966-67 and Rs. 10,000 for the assessment year 1967-68 against a registered firm for admitted unvouched sales. The notice for penalty was deemed valid despite discrepancies in accounts, as suppressed sales were acknowledged. Appellate orders adjusting income did not impact penalty validity. The Inspecting Assistant Commissioner's jurisdiction to impose penalties based on Income-tax Officer's findings was affirmed. The penalties were sustained, and the assessee was directed to pay costs to the Commissioner. en-us Tue, 22 Jun 1982 00:00:00 +0530 Tue, 23 Feb 2010 11:59:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28503 The court upheld penalties of Rs. 20,000 for the assessment year 1966-67 and Rs. 10,000 for the assessment year 1967-68 against a registered firm for admitted unvouched sales. The notice for penalty was deemed valid despite discrepancies in accounts, as suppressed sales were acknowledged. Appellate orders adjusting income did not impact penalty validity. The Inspecting Assistant Commissioner's jurisdiction to impose penalties based on Income-tax Officer's findings was affirmed. The penalties were sustained, and the assessee was directed to pay costs to the Commissioner. Case-Laws Income Tax Tue, 22 Jun 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28503