https://www.taxtmi.com/caselaws?id=256763 The High Court upheld the penalty imposed under Section 271(1)(c) of the Income Tax Act, 1961 for the assessment years 1985-86, 1986-87, and 1987-88. The penalty was based on factors such as unexplained income from various sources like Fixed Deposits, deficiency in stock, cash expenses, and cash received from property sale, not solely on estimated household expenses. The Court ruled in favor of the revenue, affirming the penalty imposition as per the Tribunal's factual findings, dismissing the assessee's reference under Section 256(2) of the Income Tax Act, 1961. en-us Mon, 12 Jan 2015 00:00:00 +0530 Sat, 21 Feb 2015 10:31:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=256763 The High Court upheld the penalty imposed under Section 271(1)(c) of the Income Tax Act, 1961 for the assessment years 1985-86, 1986-87, and 1987-88. The penalty was based on factors such as unexplained income from various sources like Fixed Deposits, deficiency in stock, cash expenses, and cash received from property sale, not solely on estimated household expenses. The Court ruled in favor of the revenue, affirming the penalty imposition as per the Tribunal's factual findings, dismissing the assessee's reference under Section 256(2) of the Income Tax Act, 1961. Case-Laws Income Tax Mon, 12 Jan 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=256763