https://www.taxtmi.com/caselaws?id=425462 The High Court upheld the penalty imposed under Section 271(1)(c) of the Income Tax Act, 1961 on the respondent for inaccurate income particulars related to fabricated cash sales. The court emphasized the AO's duty to independently verify sales and found substantial evidence supporting the penalty, reinstating it despite the Tribunal's decision to overturn. The court deemed the penalty a civil liability not requiring intent to deceive, citing relevant precedents. The Tribunal's order was set aside, and pending applications were disposed of accordingly. en-us Wed, 20 Jul 2022 00:00:00 +0530 Sat, 23 Jul 2022 09:05:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=425462 The High Court upheld the penalty imposed under Section 271(1)(c) of the Income Tax Act, 1961 on the respondent for inaccurate income particulars related to fabricated cash sales. The court emphasized the AO's duty to independently verify sales and found substantial evidence supporting the penalty, reinstating it despite the Tribunal's decision to overturn. The court deemed the penalty a civil liability not requiring intent to deceive, citing relevant precedents. The Tribunal's order was set aside, and pending applications were disposed of accordingly. Case-Laws Income Tax Wed, 20 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=425462