Penalty can be levied for Non Furnishing of correct particulars of income

Shri Pankaj Rathi Vs CIT (Calcutta High Court)- If assessee has not furnished the correct particulars of his income, penalty u/s 271(1)(c) can be levied on the ground that there was mensrea involved It is obvious that it must be shown that the conditions under Section 271 (1)(c) must exist before the penalty is imposed. There can be no dispute that everything would depend upon the Return filed because that is the only document, where the assessee can furnish the particulars of his income. When such particulars are found to be inaccurate, the liability would arise. In Dilip N. Shroff v. Joint ...