https://www.taxtmi.com/caselaws?id=10726 The High Court of Madhya Pradesh upheld the penalty imposed under section 271(1)(c) of the Income-tax Act, 1961, against a cotton ginning and pressing firm for concealing Rs. 30,000 as income from an undisclosed source in the assessment year 1988-89. The Court affirmed that the assessee's explanation was not substantiated and was considered an afterthought, leading to the penalty imposition. The rejection of the explanation by all authorities indicated concealment, justifying the penalty and ruling in favor of the Commissioner of Income-tax (Revenue) over the assessee. en-us Tue, 15 Mar 2005 00:00:00 +0530 Wed, 22 Jul 2009 16:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10726 The High Court of Madhya Pradesh upheld the penalty imposed under section 271(1)(c) of the Income-tax Act, 1961, against a cotton ginning and pressing firm for concealing Rs. 30,000 as income from an undisclosed source in the assessment year 1988-89. The Court affirmed that the assessee's explanation was not substantiated and was considered an afterthought, leading to the penalty imposition. The rejection of the explanation by all authorities indicated concealment, justifying the penalty and ruling in favor of the Commissioner of Income-tax (Revenue) over the assessee. Case-Laws Income Tax Tue, 15 Mar 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10726