https://www.taxtmi.com/caselaws?id=10495 Penalty under section 271(1)(c) was sustained where a Hindu undivided family carrying on money-lending business maintained no books of account, the Tribunal found an unexplained investment of Rs. 23,000, and the assessee had disclosed only Rs. 13,900 as income. In the absence of any plausible explanation to dislodge the finding of concealment or inaccurate particulars, the levy of penalty was upheld and the reference was answered in favour of the Revenue. en-us Tue, 28 Sep 2004 00:00:00 +0530 Thu, 16 Jul 2009 17:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10495 Penalty under section 271(1)(c) was sustained where a Hindu undivided family carrying on money-lending business maintained no books of account, the Tribunal found an unexplained investment of Rs. 23,000, and the assessee had disclosed only Rs. 13,900 as income. In the absence of any plausible explanation to dislodge the finding of concealment or inaccurate particulars, the levy of penalty was upheld and the reference was answered in favour of the Revenue. Case-Laws Income Tax Tue, 28 Sep 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10495