Niranjan & Co. P. Ltd vs Commissioner Of Income Tax, West ... on 19 March, 1986
4. Counsel appearing for the Revenue submitted that the assessee had not disclosed the income by way of investment in vehicles and landed properties. Only after search was conducted the assessee first made the declaration under Section 273A. Counsel further submitted that even without the aid of the Explanation the main provision of Section 271(1)(c) would be sufficient to justify the penalty. Counsel also placed reliance on various decisions such as Niranjan & Co. (P) Ltd. v. CIT (1986) 159 ITR 153 (SC), N. Sundareswaran v. CIT (1972) 84 ITR 173 (Ker), Western Automobiles v. CIT (1978) 112 ITR 1048 (Bom), CIT v. A. Sreenivasa Pai (2000) 242 ITR 29 (Ker), CIT v. K.P. Madhushudhanan (2000) 246 ITR 218 (Ker), CIT v. Kishorekumar Shamji (2000) 244 ITR 702 (Ker). etc.