Sudarshan Silks & Sarees vs Commissioner Of Income Tax, Karnataka

The Supreme Court upheld the High Court's decision to levy penalty under Section 271(1)(c) of the Income Tax Act, 1961, affirming that the assessee's concealment of income through maintaining double books warranted such action. The Court found that the Assessing Officer's determination of suppressed income was justified, and the appellant's claim of immunity under Section 132(4) was not substantiated. Consequently, the appeals were dismissed, affirming the penalty imposed for the assessment years 1984-85 to 1987-88.