Penalty applicable in case of failure to disclose fully or truly all particulars of income

Penal provision of section 271(1)(c) would operate when there is a failure to disclose fully or truly all the particulars of income ITAT AHMEDABAD BENCH Shyourajsingh B Chauhan Vs. ACIT ITA No. 523/Ahd/2008 Date- May 31, 2010 ORDER A N Pahuja: This appeal by the assessee is di rected against an order dated 24-12-2007 of the ld. CIT(Appeals) -VI I , Ahmedabad, upholding penalty of Rs.5,52,040/- levied u/s 271(1)(c) of the Income-tax Act,1961[hereinafter referred to as the `Act’] 2. Facts, in brief, as per relevant orders are that return declaring income of Rs.19,72,930/...