https://www.taxtmi.com/caselaws?id=64532 The Tribunal, in a case concerning penalties under Section 271(1)(c) of the Income-tax Act, found the penalty of Rs. 10,214 unjustified. The dispute arose from estimated income due to partner disputes leading to the absence of account books. The Tribunal determined that the explanation for the estimated income was bona fide and not proven false, thus not constituting concealment or furnishing inaccurate particulars. The penalty was deemed disproportionate to the tax involved, highlighting the necessity for revenue authorities to establish falsity in explanations to justify penalties under Section 271(1)(c). en-us Fri, 24 Jan 1992 00:00:00 +0530 Tue, 08 Feb 2011 14:10:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=64532 The Tribunal, in a case concerning penalties under Section 271(1)(c) of the Income-tax Act, found the penalty of Rs. 10,214 unjustified. The dispute arose from estimated income due to partner disputes leading to the absence of account books. The Tribunal determined that the explanation for the estimated income was bona fide and not proven false, thus not constituting concealment or furnishing inaccurate particulars. The penalty was deemed disproportionate to the tax involved, highlighting the necessity for revenue authorities to establish falsity in explanations to justify penalties under Section 271(1)(c). Case-Laws Income Tax Fri, 24 Jan 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=64532