https://www.taxtmi.com/caselaws?id=32382 The court ruled in favor of the assessee and against the revenue. The penalty under section 271(1)(c) was deemed unjustifiable due to significant delay, lack of admission of concealed income, and reliance on unverified statements. Additionally, the court held that the explanation to section 271(1)(c) did not apply when the assessee was assessed at a loss. en-us Thu, 07 Aug 2008 00:00:00 +0530 Fri, 19 Aug 2016 13:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=32382 The court ruled in favor of the assessee and against the revenue. The penalty under section 271(1)(c) was deemed unjustifiable due to significant delay, lack of admission of concealed income, and reliance on unverified statements. Additionally, the court held that the explanation to section 271(1)(c) did not apply when the assessee was assessed at a loss. Case-Laws Income Tax Thu, 07 Aug 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=32382