2009 (10) TMI 154 - PUNJAB & HARYANA HIGH COURT

Penalty under section 271(1)(c) – Concealment of Income – The assessee is an agricultural society engaged in marketing of sugar by its members. Assessing officer imposed the penalty under section 271(1)(c) by holding that wrong claiming of deduction is concealment of income In this case Haryana High Court held that, . Making of wrong claim is not at par with concealment or giving of inaccurate information, which may call for levy of penalty under section 271(1)(c) of the Act.5. No substantial question of law arises. The appeal is dismissed. – Decision in favor of assessee – against the revenue