https://www.taxtmi.com/caselaws?id=10275 The High Court upheld the penalty imposition of Rs. 13,000 on the assessee under section 271(1)(c) of the Income-tax Act, 1961. The Court ruled in favor of the Revenue, affirming the application of Explanation 1 to section 271(1)(c) and emphasizing the need for explanations on disputed income sources. The penalty was determined based on the law applicable at the time of filing the return, in accordance with legal precedent. en-us Tue, 27 Jul 2004 00:00:00 +0530 Sun, 12 Jul 2009 12:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10275 The High Court upheld the penalty imposition of Rs. 13,000 on the assessee under section 271(1)(c) of the Income-tax Act, 1961. The Court ruled in favor of the Revenue, affirming the application of Explanation 1 to section 271(1)(c) and emphasizing the need for explanations on disputed income sources. The penalty was determined based on the law applicable at the time of filing the return, in accordance with legal precedent. Case-Laws Income Tax Tue, 27 Jul 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10275