https://www.taxtmi.com/caselaws?id=33410 The court upheld the penalty imposed under Section 271(1)(c) of the Income Tax Act for the assessment year 1985-86, finding that the petitioners failed to disclose income from undisclosed havala loans in their original or revised returns, despite later offering it for taxation. The court determined that the petitioners did not meet the requirements of Explanation 5 to Section 271(c) as they did not admit the income and disclose its source before the search and seizure action. The penalty was deemed justified, and the petition was dismissed without costs. en-us Mon, 13 Apr 2009 00:00:00 +0530 Fri, 11 Jun 2010 19:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=33410 The court upheld the penalty imposed under Section 271(1)(c) of the Income Tax Act for the assessment year 1985-86, finding that the petitioners failed to disclose income from undisclosed havala loans in their original or revised returns, despite later offering it for taxation. The court determined that the petitioners did not meet the requirements of Explanation 5 to Section 271(c) as they did not admit the income and disclose its source before the search and seizure action. The penalty was deemed justified, and the petition was dismissed without costs. Case-Laws Income Tax Mon, 13 Apr 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=33410