Bombay High Court Upholds Penalty Under Section 271(1)(c): Transfer of Revalued Stock-in-Trade to Partnership Firm, Followed by Immediate Withdrawals, Held as a Tax Evasion Device—"A Mere Disclosure in Books Does Not Amount to Full and True Disclosure"Bombay High Court Upholds Penalty Under Section 271(1)(c): Transfer of Revalued Stock-in-Trade to Partnership Firm, Followed by Immediate Withdrawals, Held as a Tax Evasion Device—"A Mere Disclosure in Books Does Not Amount to Full and True Disclosure"
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Bombay High Court Upholds Penalty Under Section 271(1)(c): Transfer of Revalued Stock-in-Trade to Partnership Firm, Followed by Immediate Withdrawals, Held as a Tax Evasion Device—”A Mere Disclosure in Books Does Not Amount to Full and True Disclosure”

Court’s Decision The Bombay High Court upheld the penalty of ₹33,34,096 imposed under Section 271(1)(c) of the Income Tax Act, 1961, ruling that the appellant had engaged in a “device”…
February 4, 2025