2006 (1) TMI 71 - HC - Income Tax

Penalty under section 271(1)(c) - cash credits - 'concealment or furnishing inaccurate particulars of its income' – "Whether, on the facts and in the circumstances of the case, the Tribunal is right in law in upholding the penalty under section 271(1)(c) in respect of cash credits?" - held that Tribunal was not right in upholding the penalty under section 271(1)(c)