https://www.taxtmi.com/caselaws?id=39320 The High Court upheld the penalty imposed under section 271(1)(c) of the Income-tax Act on the assessee for concealing income or furnishing inaccurate particulars. The court disagreed with the Tribunal's decision to overturn the penalty, emphasizing that penalties can be imposed even in best judgment assessments. The High Court ruled in favor of the department, stating that the penalty was justifiable under the relevant provision. The first question regarding the concealment of income was left unanswered due to insufficient material, and the parties were directed to bear their own costs. en-us Sat, 17 Aug 1974 00:00:00 +0530 Thu, 15 Apr 2010 15:21:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39320 The High Court upheld the penalty imposed under section 271(1)(c) of the Income-tax Act on the assessee for concealing income or furnishing inaccurate particulars. The court disagreed with the Tribunal's decision to overturn the penalty, emphasizing that penalties can be imposed even in best judgment assessments. The High Court ruled in favor of the department, stating that the penalty was justifiable under the relevant provision. The first question regarding the concealment of income was left unanswered due to insufficient material, and the parties were directed to bear their own costs. Case-Laws Income Tax Sat, 17 Aug 1974 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39320