Assistant Commissioner Of Income Tax vs Tribhovandas Bhimji Zaveri & Sons

Whether the assessee is entitled to immunity from penalty under sections 271(1)(c) and 273 of the Income Tax Act 1961 under the amnesty scheme when disclosures were made in piecemeal after departmental inquiries --- Held No. Whether penalty under sections 271(1)(c) and 273 is leviable on merits for concealment of income and furnishing inaccurate particulars --- Held Yes.