https://www.taxtmi.com/caselaws?id=39014 Penalty under income-tax law could be sustained on the same material used for assessment where the transactions were found to be bogus. The Court held that penalty does not require separate or additional evidence beyond that relied upon for assessment if the facts and circumstances justify both findings. On the record, the false and fictitious nature of the transactions provided ample basis for penalty, so the challenge to the penalty failed. en-us Thu, 07 Oct 1976 00:00:00 +0530 Mon, 12 Apr 2010 10:24:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39014 Penalty under income-tax law could be sustained on the same material used for assessment where the transactions were found to be bogus. The Court held that penalty does not require separate or additional evidence beyond that relied upon for assessment if the facts and circumstances justify both findings. On the record, the false and fictitious nature of the transactions provided ample basis for penalty, so the challenge to the penalty failed. Case-Laws Income Tax Thu, 07 Oct 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39014