https://www.taxtmi.com/caselaws?id=196955 Penalty under section 271(1)(c) was sustained because unexplained cash credits, undisclosed interest income and related disallowances were not supported by confirmations or credible source evidence, and the explanation was found not bona fide. A defect in the penalty notice for not specifying the exact limb of section 271(1)(c) did not invalidate the proceedings where the assessee understood the charge and participated in the process. Penalty under section 273 was also upheld, as the assessee did not pay advance tax or file the required estimate, and the statutory default was established on the record. en-us Tue, 21 Mar 2017 00:00:00 +0530 Tue, 22 Jul 2025 17:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=196955 Penalty under section 271(1)(c) was sustained because unexplained cash credits, undisclosed interest income and related disallowances were not supported by confirmations or credible source evidence, and the explanation was found not bona fide. A defect in the penalty notice for not specifying the exact limb of section 271(1)(c) did not invalidate the proceedings where the assessee understood the charge and participated in the process. Penalty under section 273 was also upheld, as the assessee did not pay advance tax or file the required estimate, and the statutory default was established on the record. Case-Laws Income Tax Tue, 21 Mar 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=196955