https://www.taxtmi.com/caselaws?id=70901 The Tribunal upheld the penalty imposed under Section 271(1)(c) of the Income Tax Act, as the assessee failed to substantiate the genuineness of loan transactions, indicating the disclosure was not voluntary but a result of positive detection by the Department. The Tribunal reversed the CIT(A)'s decision and upheld the penalty, following precedents emphasizing that the explanation offered was not bona fide. The Revenue's appeal was allowed, and the penalty imposed by the Assessing Officer was upheld. en-us Mon, 18 Nov 2002 00:00:00 +0530 Tue, 19 Apr 2011 18:52:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70901 The Tribunal upheld the penalty imposed under Section 271(1)(c) of the Income Tax Act, as the assessee failed to substantiate the genuineness of loan transactions, indicating the disclosure was not voluntary but a result of positive detection by the Department. The Tribunal reversed the CIT(A)'s decision and upheld the penalty, following precedents emphasizing that the explanation offered was not bona fide. The Revenue's appeal was allowed, and the penalty imposed by the Assessing Officer was upheld. Case-Laws Income Tax Mon, 18 Nov 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70901