https://www.taxtmi.com/caselaws?id=63951 The court upheld the penalty imposed on the assessee under section 271(1)(c) of the Income-tax Act, 1961 for the assessment year 1981-82. The penalty of Rs. 12,500 was confirmed due to inconsistencies in the explanation provided by the assessee regarding the source of income from the sale of jewellery. The court found the changing explanations and lack of supporting evidence rendered the assessee's explanation not bona fide, leading to the penalty being upheld based on the provisions of Explanation 1 to section 271(1). en-us Mon, 31 Dec 1990 00:00:00 +0530 Wed, 02 Feb 2011 18:04:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63951 The court upheld the penalty imposed on the assessee under section 271(1)(c) of the Income-tax Act, 1961 for the assessment year 1981-82. The penalty of Rs. 12,500 was confirmed due to inconsistencies in the explanation provided by the assessee regarding the source of income from the sale of jewellery. The court found the changing explanations and lack of supporting evidence rendered the assessee's explanation not bona fide, leading to the penalty being upheld based on the provisions of Explanation 1 to section 271(1). Case-Laws Income Tax Mon, 31 Dec 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63951