https://www.taxtmi.com/caselaws?id=26186 The High Court upheld the penalty imposition under section 271(1)(c) of the Income Tax Act, ruling against the assessee and in favor of the Revenue. The court found that the disclosed prize money was fraudulently mentioned to convert unaccounted money into white money, justifying the penalty imposition based on fraudulent disclosure. Referring to precedent, the court concluded that the Revenue was entitled to levy the penalty under the provision, answering both questions in the negative and upholding the penalty imposition. en-us Wed, 09 Oct 1985 00:00:00 +0530 Wed, 03 Feb 2010 13:20:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26186 The High Court upheld the penalty imposition under section 271(1)(c) of the Income Tax Act, ruling against the assessee and in favor of the Revenue. The court found that the disclosed prize money was fraudulently mentioned to convert unaccounted money into white money, justifying the penalty imposition based on fraudulent disclosure. Referring to precedent, the court concluded that the Revenue was entitled to levy the penalty under the provision, answering both questions in the negative and upholding the penalty imposition. Case-Laws Income Tax Wed, 09 Oct 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26186