https://www.taxtmi.com/caselaws?id=375970 The High Court upheld the penalty imposed under Section 271(1)(c) of the Income Tax Act, 1961, on a real estate developer for advances received from flat bookings. The Court determined that the disclosed additional income constituted the developer's income, falling within Explanation 5A of the Act. The Court emphasized that the penalty proceedings are distinct from assessment proceedings and found that the developer failed to prove that the advances were not income. Consequently, the Court dismissed all Income Tax appeals, affirming the penalty imposition. en-us Mon, 25 Feb 2019 00:00:00 +0530 Thu, 28 Feb 2019 07:02:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=375970 The High Court upheld the penalty imposed under Section 271(1)(c) of the Income Tax Act, 1961, on a real estate developer for advances received from flat bookings. The Court determined that the disclosed additional income constituted the developer's income, falling within Explanation 5A of the Act. The Court emphasized that the penalty proceedings are distinct from assessment proceedings and found that the developer failed to prove that the advances were not income. Consequently, the Court dismissed all Income Tax appeals, affirming the penalty imposition. Case-Laws Income Tax Mon, 25 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=375970