https://www.taxtmi.com/caselaws?id=21843 The court affirmed the Tribunal's decision, holding that the assessee concealed income by providing false explanations. The penalty of Rs. 37,000 under section 271(1)(c) was upheld based on the fraudulent explanation given by the assessee regarding the source of funds, which amounted to fraud under the Explanation to section 271(1)(c) of the Income-tax Act, 1961. The court concluded that the penalty was justified independently of the order under section 132(5), supporting the Revenue's position and upholding the penalty imposed on the assessee. en-us Thu, 05 Sep 1991 00:00:00 +0530 Wed, 02 Dec 2009 11:39:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21843 The court affirmed the Tribunal's decision, holding that the assessee concealed income by providing false explanations. The penalty of Rs. 37,000 under section 271(1)(c) was upheld based on the fraudulent explanation given by the assessee regarding the source of funds, which amounted to fraud under the Explanation to section 271(1)(c) of the Income-tax Act, 1961. The court concluded that the penalty was justified independently of the order under section 132(5), supporting the Revenue's position and upholding the penalty imposed on the assessee. Case-Laws Income Tax Thu, 05 Sep 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21843