https://www.taxtmi.com/caselaws?id=58958 The penalties under section 273(2)(c) for assessment years 1987-88 and 1988-89 were upheld, while penalties under section 271(1)(c) were confirmed due to intentional undervaluation and non-voluntary disclosure of additional income. The majority opinion supported the penalties, emphasizing the intentional nature of the undervaluation and lack of voluntary disclosure. The Accountant Member, however, viewed the actions as an attempt to avoid litigation and directed the deletion of penalties under section 271(1)(c) based on the assessee's inexperience and reliance on staff. en-us Tue, 25 Aug 1992 00:00:00 +0530 Thu, 23 Dec 2010 13:11:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58958 The penalties under section 273(2)(c) for assessment years 1987-88 and 1988-89 were upheld, while penalties under section 271(1)(c) were confirmed due to intentional undervaluation and non-voluntary disclosure of additional income. The majority opinion supported the penalties, emphasizing the intentional nature of the undervaluation and lack of voluntary disclosure. The Accountant Member, however, viewed the actions as an attempt to avoid litigation and directed the deletion of penalties under section 271(1)(c) based on the assessee's inexperience and reliance on staff. Case-Laws Income Tax Tue, 25 Aug 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58958