https://www.taxtmi.com/caselaws?id=789589 Penalty under Section 271(1)(c) is attracted where the assessee consciously suppresses taxable income or makes a false exemption claim, and a plea of bona fide belief or typographical error does not protect a deliberate attempt to evade tax. The assessee had disclosed the share sale transaction and paid advance tax, but later claimed exemption and refund; the non-disclosure of capital gains emerged only on scrutiny. The court treated the cited advance ruling as factually inapplicable because the surrounding circumstances were materially different, and upheld the penalty as justified. en-us Mon, 06 Apr 2026 00:00:00 +0530 Fri, 10 Apr 2026 09:00:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=789589 Penalty under Section 271(1)(c) is attracted where the assessee consciously suppresses taxable income or makes a false exemption claim, and a plea of bona fide belief or typographical error does not protect a deliberate attempt to evade tax. The assessee had disclosed the share sale transaction and paid advance tax, but later claimed exemption and refund; the non-disclosure of capital gains emerged only on scrutiny. The court treated the cited advance ruling as factually inapplicable because the surrounding circumstances were materially different, and upheld the penalty as justified. Case-Laws Income Tax Mon, 06 Apr 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=789589