https://www.taxtmi.com/caselaws?id=65000 The tribunal held that Explanation 5 to section 271(1)(c) was not applicable as the case fell under sub-clause (i). Consequently, the penalty of Rs. 5,11,963 imposed under section 271(1)(c) of the Income-tax Act, 1961 was cancelled, and the appeal was allowed. The tribunal emphasized that the books of account maintained by the assessee for the speculation income met the legal requirements, disregarding other circumstances cited by the revenue. en-us Wed, 18 Jun 1997 00:00:00 +0530 Fri, 11 Feb 2011 15:53:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65000 The tribunal held that Explanation 5 to section 271(1)(c) was not applicable as the case fell under sub-clause (i). Consequently, the penalty of Rs. 5,11,963 imposed under section 271(1)(c) of the Income-tax Act, 1961 was cancelled, and the appeal was allowed. The tribunal emphasized that the books of account maintained by the assessee for the speculation income met the legal requirements, disregarding other circumstances cited by the revenue. Case-Laws Income Tax Wed, 18 Jun 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65000