https://www.taxtmi.com/caselaws?id=20541 The court upheld the penalty under section 271(1)(c) of the Income-tax Act, 1961, in favor of the Revenue. The Tribunal's decision to confirm the penalty was deemed reasonable due to significant income discrepancies, lack of satisfactory explanation by the assessee, and findings of deliberate concealment. The court found the burden of proof was not discharged by the assessee, leading to the penalty being sustained without costs awarded. en-us Tue, 30 Mar 1993 00:00:00 +0530 Sat, 14 Nov 2009 15:53:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20541 The court upheld the penalty under section 271(1)(c) of the Income-tax Act, 1961, in favor of the Revenue. The Tribunal's decision to confirm the penalty was deemed reasonable due to significant income discrepancies, lack of satisfactory explanation by the assessee, and findings of deliberate concealment. The court found the burden of proof was not discharged by the assessee, leading to the penalty being sustained without costs awarded. Case-Laws Income Tax Tue, 30 Mar 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20541