https://www.taxtmi.com/caselaws?id=26786 Penalty under section 271(1)(c) was held unsustainable because the assessment findings had already established that the sums forming its basis were not the assessee's income. The amounts linked to the land transaction, the alleged profit attributed to the assessee, and the payments routed through intermediary parties all fell outside taxable income on the connected reference. Once those findings stood, the foundation for penalty disappeared, and the levy could not be justified. en-us Wed, 29 May 1985 00:00:00 +0530 Mon, 08 Feb 2010 14:49:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26786 Penalty under section 271(1)(c) was held unsustainable because the assessment findings had already established that the sums forming its basis were not the assessee's income. The amounts linked to the land transaction, the alleged profit attributed to the assessee, and the payments routed through intermediary parties all fell outside taxable income on the connected reference. Once those findings stood, the foundation for penalty disappeared, and the levy could not be justified. Case-Laws Income Tax Wed, 29 May 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26786