https://www.taxtmi.com/caselaws?id=36299 The High Court upheld penalties under section 271(1)(c) of the Income-tax Act for concealment of income from the sale of lorries, finding the assessee's claim false and deceptive. Penalties were not justified for misrepresentation of business income or unvouched expenses in the petrol bunk business. The Court directed reassessment of penalties solely for income from the lorries, emphasizing the need for the Tribunal to determine the appropriate penalty amount. The assessee was held liable for penalties related to the lorry income concealment, with no costs awarded. en-us Wed, 29 Nov 1978 00:00:00 +0530 Sat, 20 Mar 2010 14:36:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36299 The High Court upheld penalties under section 271(1)(c) of the Income-tax Act for concealment of income from the sale of lorries, finding the assessee's claim false and deceptive. Penalties were not justified for misrepresentation of business income or unvouched expenses in the petrol bunk business. The Court directed reassessment of penalties solely for income from the lorries, emphasizing the need for the Tribunal to determine the appropriate penalty amount. The assessee was held liable for penalties related to the lorry income concealment, with no costs awarded. Case-Laws Income Tax Wed, 29 Nov 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36299