Penalty justified if Assessee manipulates its accounts so as to reduce its profits

HIGH COURT OF BOMBAY Sanghvi Swiss Refills (P.) Ltd. Versus Assistant Commissioner of Income-tax IT APPEAL NO. 250 OF 2011 NOVEMBER 20, 2012 JUDGMENT M.S. Sanklecha, J. This Appeal under Section 260A of the Income Tax Act 1961 (the Act) challenges the order dated 14th May, 2010 of the Income Tax Appellate Tribunal (the Tribunal) upholding penalty under Section 271 (1)(c) of the Act relating to the assessment year 1989-90. 2. Being aggrieved by order dated 14th May 2010, the Appellant has formulated the following questions of law for consideration of this Court: (A)  Whether o...