https://www.taxtmi.com/caselaws?id=12594 The court upheld the Tribunal's decision to cancel the penalty of Rs. 95,000 imposed by the Assessing Officer under section 271(1)(c) of the Income-tax Act, 1961. It determined that the Assessing Officer's treatment of the sum as unexplained income was incorrect and that the case should have been assessed under section 147(b) instead of 147(a). The court also emphasized that reopening the assessment after a lapse of nine years was not valid and that the Voluntary Disclosure Scheme played a crucial role in providing information for the assessment. The application for a reference to the High Court was dismissed. en-us Sat, 21 Apr 2001 00:00:00 +0530 Wed, 20 May 2009 13:31:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12594 The court upheld the Tribunal's decision to cancel the penalty of Rs. 95,000 imposed by the Assessing Officer under section 271(1)(c) of the Income-tax Act, 1961. It determined that the Assessing Officer's treatment of the sum as unexplained income was incorrect and that the case should have been assessed under section 147(b) instead of 147(a). The court also emphasized that reopening the assessment after a lapse of nine years was not valid and that the Voluntary Disclosure Scheme played a crucial role in providing information for the assessment. The application for a reference to the High Court was dismissed. Case-Laws Income Tax Sat, 21 Apr 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12594