https://www.taxtmi.com/caselaws?id=10904 The court upheld the imposition of a penalty amounting to Rs. 2,20,000 under section 271(1)(c) of the Income-tax Act, finding the assessee's explanations for non-disclosure of income amounts not bona fide. The Tribunal concluded that the assessee concealed income or furnished inaccurate particulars, as the explanations provided were deemed unacceptable. The court supported the penalty imposed, deeming it appropriate and justified under the law, ruling in favor of the Department and against the assessee, with no order as to costs. en-us Thu, 29 Jan 2004 00:00:00 +0530 Mon, 27 Jul 2009 16:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10904 The court upheld the imposition of a penalty amounting to Rs. 2,20,000 under section 271(1)(c) of the Income-tax Act, finding the assessee's explanations for non-disclosure of income amounts not bona fide. The Tribunal concluded that the assessee concealed income or furnished inaccurate particulars, as the explanations provided were deemed unacceptable. The court supported the penalty imposed, deeming it appropriate and justified under the law, ruling in favor of the Department and against the assessee, with no order as to costs. Case-Laws Income Tax Thu, 29 Jan 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10904