https://www.taxtmi.com/caselaws?id=13765 The court upheld the penalty under section 271(1)(c) for the addition of Rs. 19,000, finding the applicant's explanation unsubstantiated and justifying the penalty as per Explanation 1(B) of the Act. The penalty for the addition of Rs. 5,000 was deemed appropriate by the court. The Tribunal's decision was supported by the material before it, including inconsistencies in statements and lack of satisfactory explanations. The unexplained amount was considered concealed income, and the penalty was upheld. The court ruled in favor of the Revenue, affirming the penalties and making no order as to costs. en-us Wed, 30 Aug 2006 00:00:00 +0530 Thu, 02 Jul 2009 13:02:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=13765 The court upheld the penalty under section 271(1)(c) for the addition of Rs. 19,000, finding the applicant's explanation unsubstantiated and justifying the penalty as per Explanation 1(B) of the Act. The penalty for the addition of Rs. 5,000 was deemed appropriate by the court. The Tribunal's decision was supported by the material before it, including inconsistencies in statements and lack of satisfactory explanations. The unexplained amount was considered concealed income, and the penalty was upheld. The court ruled in favor of the Revenue, affirming the penalties and making no order as to costs. Case-Laws Income Tax Wed, 30 Aug 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=13765