https://www.taxtmi.com/caselaws?id=22163 The High Court of Bombay ruled in favor of the assessee in a case involving the interpretation of section 271(1)(c) of the Income-tax Act, 1961. The Court held that the penal provisions were not applicable as the Department failed to provide sufficient evidence to establish the impugned amount as income earned by the assessee. The Court emphasized the significance of disclosure in Part IV of the return and the settlement terms in determining the liability for penalty under section 271(1)(c), ultimately deciding that the assessee was not liable for the penalty. en-us Thu, 22 Dec 1988 00:00:00 +0530 Mon, 07 Dec 2009 17:30:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=22163 The High Court of Bombay ruled in favor of the assessee in a case involving the interpretation of section 271(1)(c) of the Income-tax Act, 1961. The Court held that the penal provisions were not applicable as the Department failed to provide sufficient evidence to establish the impugned amount as income earned by the assessee. The Court emphasized the significance of disclosure in Part IV of the return and the settlement terms in determining the liability for penalty under section 271(1)(c), ultimately deciding that the assessee was not liable for the penalty. Case-Laws Income Tax Thu, 22 Dec 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=22163