https://www.taxtmi.com/caselaws?id=189327 The appeals regarding the levy of penalties under section 271(1)(c) for the assessment years 1980-81 and 1982-83 were partially allowed. The penalty for 1980-81 was reduced to the minimum prescribed rate, while the penalty for 1982-83 was upheld at the minimum rate. The Third Member concurred with the Judicial Member, finding that the penalties were not justified as the loans were supported by confirmations and transactions were through bank accounts. The conditions for invoking Explanation 1 to section 271(1)(c) were not met, as the Assessing Officer did not establish the explanation as false or lack of bona fide. en-us Wed, 27 Nov 2002 00:00:00 +0530 Thu, 05 Jan 2017 18:07:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=189327 The appeals regarding the levy of penalties under section 271(1)(c) for the assessment years 1980-81 and 1982-83 were partially allowed. The penalty for 1980-81 was reduced to the minimum prescribed rate, while the penalty for 1982-83 was upheld at the minimum rate. The Third Member concurred with the Judicial Member, finding that the penalties were not justified as the loans were supported by confirmations and transactions were through bank accounts. The conditions for invoking Explanation 1 to section 271(1)(c) were not met, as the Assessing Officer did not establish the explanation as false or lack of bona fide. Case-Laws Income Tax Wed, 27 Nov 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=189327