https://www.taxtmi.com/caselaws?id=33176 The High Court upheld the penalties imposed under Section 271(1)(c) of the Income Tax Act for the Assessment Years 1985-86, 1986-87, and 1987-88 against a Private Limited Company. Despite the assessing officer's initial lack of specific evidence, the Tribunal confirmed the penalties, stating that the revised returns disclosing additional income were not voluntary and showed intentional concealment. The Court affirmed the penalties, finding no legal infirmity in the Tribunal's decision, and ruled in favor of the revenue, disposing of the reference with no order as to costs. en-us Tue, 03 Mar 2009 00:00:00 +0530 Thu, 15 Mar 2012 16:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=33176 The High Court upheld the penalties imposed under Section 271(1)(c) of the Income Tax Act for the Assessment Years 1985-86, 1986-87, and 1987-88 against a Private Limited Company. Despite the assessing officer's initial lack of specific evidence, the Tribunal confirmed the penalties, stating that the revised returns disclosing additional income were not voluntary and showed intentional concealment. The Court affirmed the penalties, finding no legal infirmity in the Tribunal's decision, and ruled in favor of the revenue, disposing of the reference with no order as to costs. Case-Laws Income Tax Tue, 03 Mar 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=33176