https://www.taxtmi.com/caselaws?id=76856 The High Court upheld the minimum penalty imposed on the assessee under section 271(1)(c) of the Income-tax Act for the assessment year 1990-91. The court rejected the Tribunal's decision to cancel the penalty, emphasizing that the failure to disclose income during a search and the unproven claim that the amount belonged to another person constituted concealment under Explanation 5. The judgment underscores the importance of timely income disclosure and the strict application of penalty provisions, affirming the assessee's liability despite attempts to avoid penalty through delayed compliance or unproven assertions. en-us Mon, 03 Mar 2008 00:00:00 +0530 Fri, 16 Sep 2011 15:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=76856 The High Court upheld the minimum penalty imposed on the assessee under section 271(1)(c) of the Income-tax Act for the assessment year 1990-91. The court rejected the Tribunal's decision to cancel the penalty, emphasizing that the failure to disclose income during a search and the unproven claim that the amount belonged to another person constituted concealment under Explanation 5. The judgment underscores the importance of timely income disclosure and the strict application of penalty provisions, affirming the assessee's liability despite attempts to avoid penalty through delayed compliance or unproven assertions. Case-Laws Income Tax Mon, 03 Mar 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=76856