https://www.taxtmi.com/caselaws?id=10563 The court ruled in favor of the Revenue and against the assessee, affirming that the Income-tax Appellate Tribunal (ITAT) provided a reasonable opportunity to the assessee, upheld the onus of explanation on the assessee as per the Explanation to section 271(1)(c), justified the reversal of the Commissioner of Income-tax (Appeals) order canceling the penalty, upheld the validity of the penalty imposed, and found no error in not considering the similar brought forward opening balance. The court concluded that the ITAT's decisions on all issues were justified, with no costs awarded. en-us Mon, 13 Dec 2004 00:00:00 +0530 Fri, 17 Jul 2009 18:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10563 The court ruled in favor of the Revenue and against the assessee, affirming that the Income-tax Appellate Tribunal (ITAT) provided a reasonable opportunity to the assessee, upheld the onus of explanation on the assessee as per the Explanation to section 271(1)(c), justified the reversal of the Commissioner of Income-tax (Appeals) order canceling the penalty, upheld the validity of the penalty imposed, and found no error in not considering the similar brought forward opening balance. The court concluded that the ITAT's decisions on all issues were justified, with no costs awarded. Case-Laws Income Tax Mon, 13 Dec 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10563