Court held that the levy of concealment penalty is held to be justified as the assessee has shown Advance tax as expenses and appropriation of profits shown as loss. (AY. 2007 -08)
Hamirpur District Co-Operative Bank Ltd. v. CIT (2019) 415 ITR 184/ 182 DTR 160/ 311 CTR 50/103 taxmann.com 350 (All) (HC) Editorial : SLP of assessee is dismissed ; Hamirpur District Co-Operative Bank Ltd. v. CIT ( 2020) 269 Taxman 201 (SC)
S. 271(1)(c) : Penalty–Concealment–Advance tax shown as expenses–Appropriation of profits shown as loss-Levy of penalty is held to be justified for concealment of income and furnishing of inaccurate particulars of income.