https://www.taxtmi.com/caselaws?id=20167 The court upheld the penalty imposition under section 271(1)(c) of the Income-tax Act, 1961, ruling in favor of the Revenue. The court emphasized the applicability of the Explanation to the penalty provisions, deeming concealment of income if correct income was not reported. The court rejected the assessee's argument that the Explanation could not apply if the main provisions were not attracted, distinguishing a previous case and emphasizing the specific question referred for opinion. The court's decision was based on legal provisions and precedents, ultimately supporting the Revenue's position. en-us Thu, 04 Mar 1993 00:00:00 +0530 Thu, 12 Nov 2009 12:14:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20167 The court upheld the penalty imposition under section 271(1)(c) of the Income-tax Act, 1961, ruling in favor of the Revenue. The court emphasized the applicability of the Explanation to the penalty provisions, deeming concealment of income if correct income was not reported. The court rejected the assessee's argument that the Explanation could not apply if the main provisions were not attracted, distinguishing a previous case and emphasizing the specific question referred for opinion. The court's decision was based on legal provisions and precedents, ultimately supporting the Revenue's position. Case-Laws Income Tax Thu, 04 Mar 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20167