https://www.taxtmi.com/caselaws?id=37727 The High Court upheld the initiation of penalty proceedings under section 271(1)(c) of the Income Tax Act and the validity of the penalty imposition by the Inspecting Assistant Commissioner. The court found that the assessing officer had sufficient grounds to suspect income concealment based on discrepancies in the sales figures, justifying the penalty imposition of Rs. 20,000. The court dismissed the assessee's arguments challenging the jurisdiction and circumstances of the case, affirming the legality of the penalty proceedings and imposition. en-us Tue, 01 Aug 1978 00:00:00 +0530 Wed, 31 Mar 2010 16:46:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37727 The High Court upheld the initiation of penalty proceedings under section 271(1)(c) of the Income Tax Act and the validity of the penalty imposition by the Inspecting Assistant Commissioner. The court found that the assessing officer had sufficient grounds to suspect income concealment based on discrepancies in the sales figures, justifying the penalty imposition of Rs. 20,000. The court dismissed the assessee's arguments challenging the jurisdiction and circumstances of the case, affirming the legality of the penalty proceedings and imposition. Case-Laws Income Tax Tue, 01 Aug 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37727