1962 (1) TMI 10 - SC - Income Tax

Whether in any event, penalty for the assessment year 1949-50 could not be imposed upon the assessee firm because there was no evidence that the Income-tax Officer was satisfied in the course of any assessment proceedings under the Income-tax Act that the firm had concealed the particulars of its income or had deliberately furnished inaccurate particulars of the income?

Held that:- The High Court was in error in holding that penalty could not be imposed under section 28(1)(c) upon the firm Messrs. S. V. Veerappan Chettiar & Co. after its dissolution. Appeal allowed.