1992 (3) TMI 36 - HC - Income Tax

Summary

The High Court of Delhi dismissed the writ petition in a case involving undisclosed income from shares. The court held that lack of complete disclosure led to the rejection of the application for waiver of interest and penalty. The petitioner's failure to provide a complete list of shareholders after surrendering part of the capital receipt was considered lack of cooperation. The court found that provisions of section 271(1)(c) were attracted due to incomplete disclosure.