https://www.taxtmi.com/caselaws?id=39482 The High Court upheld the penalty imposed under section 271(1)(c) of the Income-tax Act, 1961 on an assessee-firm for deliberate concealment of income. Despite the firm's argument of immunity under section 41(1) of the Act, the Court affirmed that deliberate concealment or furnishing inaccurate particulars of income attracts penalty, regardless of income source. The Court emphasized the assessee's actions indicated a deliberate attempt to evade taxation, citing legal precedents and clarifying that deeming provisions do not exempt income from penalty in cases of concealment. The decision favored the tax department, confirming the penalty's exigibility. en-us Wed, 05 Dec 1973 00:00:00 +0530 Fri, 16 Apr 2010 16:53:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39482 The High Court upheld the penalty imposed under section 271(1)(c) of the Income-tax Act, 1961 on an assessee-firm for deliberate concealment of income. Despite the firm's argument of immunity under section 41(1) of the Act, the Court affirmed that deliberate concealment or furnishing inaccurate particulars of income attracts penalty, regardless of income source. The Court emphasized the assessee's actions indicated a deliberate attempt to evade taxation, citing legal precedents and clarifying that deeming provisions do not exempt income from penalty in cases of concealment. The decision favored the tax department, confirming the penalty's exigibility. Case-Laws Income Tax Wed, 05 Dec 1973 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39482