https://www.taxtmi.com/caselaws?id=201424 The High Court upheld the decision of the Commissioner and Tribunal, ruling that the respondent-assessee had made full disclosure without any concealment or inaccurate particulars. The explanation offered was found to be bonafide, falling within the ambit of Explanation 1 to Section 271 of the Income Tax Act. Consequently, the respondent-assessee was not liable to pay the penalty under Section 271(1)(c), and the appeal was dismissed with no costs. en-us Tue, 28 Sep 2010 00:00:00 +0530 Sun, 06 Feb 2011 02:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=201424 The High Court upheld the decision of the Commissioner and Tribunal, ruling that the respondent-assessee had made full disclosure without any concealment or inaccurate particulars. The explanation offered was found to be bonafide, falling within the ambit of Explanation 1 to Section 271 of the Income Tax Act. Consequently, the respondent-assessee was not liable to pay the penalty under Section 271(1)(c), and the appeal was dismissed with no costs. Case-Laws Income Tax Tue, 28 Sep 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=201424