https://www.taxtmi.com/caselaws?id=28707 The High Court of Bombay upheld the penalty imposition on an assessee for non-disclosure of income under the Income-tax Act, 1961. The Court emphasized the necessity of satisfaction before penalties are imposed and clarified the jurisdiction of the Inspecting Assistant Commissioner (IAC) in penalty proceedings. The Court dismissed the assessee's arguments, citing precedents, and directed the assessee to pay the costs of the reference, reaffirming procedural requirements and tax authorities' jurisdiction in penalty cases. en-us Mon, 26 Apr 1982 00:00:00 +0530 Thu, 25 Feb 2010 10:33:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28707 The High Court of Bombay upheld the penalty imposition on an assessee for non-disclosure of income under the Income-tax Act, 1961. The Court emphasized the necessity of satisfaction before penalties are imposed and clarified the jurisdiction of the Inspecting Assistant Commissioner (IAC) in penalty proceedings. The Court dismissed the assessee's arguments, citing precedents, and directed the assessee to pay the costs of the reference, reaffirming procedural requirements and tax authorities' jurisdiction in penalty cases. Case-Laws Income Tax Mon, 26 Apr 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28707