https://www.taxtmi.com/caselaws?id=25181 The court found that the revised return filed by the assessee was not voluntary but induced by the Income-tax Officer after a search revealed unaccounted sales. The penalty under section 271(1)(c) of the Income-tax Act was upheld as the Tribunal determined that the explanation offered was not bona fide and the undisclosed income justified the penalty. The covering letter and the application of the Explanation to section 271(1)(c) supported the Tribunal's decision. The court dismissed the reference application, concluding no legal issue arose and awarded costs to the respondent. en-us Thu, 10 Sep 1987 00:00:00 +0530 Mon, 25 Jan 2010 18:17:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25181 The court found that the revised return filed by the assessee was not voluntary but induced by the Income-tax Officer after a search revealed unaccounted sales. The penalty under section 271(1)(c) of the Income-tax Act was upheld as the Tribunal determined that the explanation offered was not bona fide and the undisclosed income justified the penalty. The covering letter and the application of the Explanation to section 271(1)(c) supported the Tribunal's decision. The court dismissed the reference application, concluding no legal issue arose and awarded costs to the respondent. Case-Laws Income Tax Thu, 10 Sep 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25181